A bank saving account offers 4% compounded on a quarterly basis. A customer deposit $200, in this type of account, at the start of each quarter starting with the first deposit on the first of January and the fourth deposit on the first of October. What is the total amount in his account at the end of the year?

Q: Jack borrowed $10,000 from Mr. Jill on July 11, 2018 and promised to pay it by December 21, 2018.…

A: Given the borrowed amount = $10000 Interest rate = 15% Total number of days between the given months…

Q: Find the nominal rate compounded monthly which is equivalent 12% compounded quarterly. write your…

A: The Effective Interest Rate is utilized to work out the effective annual interest rate in view of…

Q: What is the amount of the quarterly deposits A such that you will be able to withdraw the amounts…

A: Given: The interest rate is = 11% compounded quarterly The amount at 4th quarter is = $1,200 The…

Q: How much money would you have to deposit monthly for five consecutive years starting at the end of…

A: Future value will be computed as the total sum of value of series of payments (i.e. PMTs) in future…

Q: Assume you borrow $30,000 today at a rate of 13%. The loan will be returned over a five-year period,…

A: To calculate the annual payment for a loan using a spreadsheet, use the PMT function in Microsoft…

Q: What is the future value of $3,000 saved for 6 years at 4% interest

A: FV = PV ( 1 + r )^t FV = Future value PV = present value i = interest rate compounded annually t =…

Q: 43. Find the equivalent rate of interest of 9% compounded quarterly to an interest rate compounded…

A: Given interest rate = 9 % compounded quarterly Effective annual rate = (1 + rate)^time - 1 = (1 +…

Q: Compared the interest earned by $13,000 for seven years at 8% simple interest with interest earned…

A: Given:  Principal amount ( P) = $13,000 Interest rate(r) = 8% Time(t) = 7 years

Q: 1. You needed $10,000 and obtained the following loan: Loan specifics: You are expected to pay 24…

A: You are expected to pay 24 equal monthly installments (SA per month) at APR 12%, compounded monthly,…

Q: Suppose you borrowed $10, 000 at an interest rate of 12% compounded monthly over 48 months. At the…

A: Principle Amount =  $ 10,000 Interest rate = 12%                          = $1200 Loan amount =…

Q: Extra #2. A loan is repaid with 24 monthly installments at the end of every month. The first payment…

A: Loan repayment is the process of paying back the money borrowed from a lender, along with the…

Q: Tamara Massey received $1,500,000 from an insurance company after her husband's death. She wants to…

A: Interest rate per month can be calculated as follows: Thus, the interest rate is 0.67%

Q: What is the effective interest rate per month if the interest rate is 9% compounded continuously?

A: The effective interest rate refers to the rate of interest that paid on an investment after to take…

Q: You want to buy a $32,000 car.  You can finance the car for 1.5% interest for 6 years. What is your…

A: The formula for monthly payment is calculated as follows: Monthly payment = Pr121+r12n1+r12n-1 where…

Q: What is the amount of the quarterly deposits A such that you will be able to withdraw the amounts…

A: Given that there are withdraws of $1000 in the fourth period and $2800 in the eighth period.…

Q: Find the nominal rate compounded semi-annually which is equivalent to 16% compounded monthly. What…

A: Given: Interest Rate (r): 16% Compounding (m) per period: 12 New Compounding (q) per period: 2

Q: What is the amount of the quarterly deposits A such that you will be able to withdraw the amounts…

A: Nominal rate of interest (r) =8% compounded quarterly.Withdrawal at the end of the 4th quarter is…

Q: A student obtains a loan to pay one year of college tuition, which costs $18,000 with 6% which he…

A: Given, Cost- $18000 ROI- 6%

Q: An investment of $3523 is made at the beginning of each month for 5 years and 10 months. How much…

A: Total months(n) =years*12+months=5*12+10=70 interest rate per month (r)=1% Amount invested per month…

Q: A company purchased a machine for $30,000. It paid 30% as a down payment and obtained a loan for the…

A: nominal interest rate refers the percentage increase in money you pay the lender for the use of the…

Q: If the accumulated amount is P11500 at 4% compounded annually. Calculate the principal amount after…

A: Given, Information Amount = P 11,500Rate = 4% or 0.04Time = 7 year

Q: 19. Each year a single payment of P5000 is deposited in an account that earns 16% compounded…

A:

Q: Michelle Hunter received $250,000 from an insurance company after her hus- band's death. Michelle…

A: An interest rate is the amount of interest due per period, as a proportion of the amount lent,…

Q: How much must be deposited at the beginning of each year in an account that pays 5%, compounded…

A: The compound interest formula is given as: A=P(1+r)t Where,  A is the final amount compounded on an…

Q: If I loaned an amount of 27,292 with an interest rate of 10% for the three and half years compounded…

A: Present value = 27292 r = 10% Time = 3.5 years

Q: An increasing annual uniform gradient series ends at the end of fifteenth year. What is the value of…

A: Present value of uniform inflow = Value of increasing annual uniform gradient series for 15 year For…

Q: An investment earns 2.5% compounded monthly. Find the value of an initial investment of $5,000 after…

A: Given information: Interest rate (r): 2.5% Compunding period (m): 12 (monthly) Principal amount…

Q: How much will $4,200 be worth in 10 years with 7% interest compounded continuously? **** The future…

A: Interest is compounded annually when the interest accrued on the initial principal and the…

Q: Suppose you want to withdraw $30,000 at the end of year 3 and another $30,000 at the end of year 5.…

A: When money is put somewhere, interest is accrued. Principal value refers to the original deposit,…

Q: You want to borrow $41,611. You must repay the loan in 13 years in equal monthly payments and a…

A: Loan amount (PV) = $41,611 Term of loan = 13 years Interest rate = 15% nominal per year

Q: What is the difference between the sums of an annuity due and an ordinary annuity for the following…

A: In economics, present value refers to the current value of a future flow of cash flow. Future value…

Q: You deposit $200 each month into an account earning 5% interest compounded monthly. a) How much will…

A: The future value of a deposit refers to how much the deposited money will grow over time,…

Q: In 1895, the first U.S. Open Golf Championship was held. The winner’s prize money was $150. In 2016,…

A: Compounded Annual Growth Rate: If an investment is growing or increases at a compounded interest…

Q: Lisa has a bank loan for $50,000 to pay for her apartment loan. This loan is to be repaid in equal…

A: Monthly compound interest-it means that the interest is added back to the principle each month.…

Q: Suppose you borrowed $10, 000 at an interest rate of 12% compounded monthly over 48 months. At the…

A: Loan amount (P)=$10,000 Rate of interest =12% compounded monthly  This loan is a fixed payment loan…

Q: Suppose that $100 is invested for five years at an interest rate of 8% per year, compounded…

A: Given: Amount=$100 Interest rate=8% Number of years=5 To find: Amount at end of 5 years