A loan of $37,000 is made at 5.75% interest, compounded annually. After how many years will the amount due reach $75,000 or more? (Use the calculator provided if necessary.) Write the smallest possible whole number answer. 0 years ?

Q: You deposit $5000 in an account earning 8% interest compounded monthly. How much will you have in…

A: The objective of this question is to calculate the future value of an investment with monthly…

Q: You apply for a $3000 loan at 4.5% simple interest rate to be paid back in for 3 years. What is 4.5%…

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Q: A woman borrows $2500 and agrees to pay 8% annual simple interest on the loan.  She repays the loan,…

A:

Q: you deposit $5,000 in a fund that pays 6% interest, compounded monthly. In how many years, the…

A: Given that initial amount = P=5000 Final amount= A= 15000 Interest rate = r = 6%=0.06 Time=t=?…

Q: Lee Sutherlin is a self-employed electrical consultant. He estimates his annual net earnings at…

A: Given that gross earning is $38,300 To find the withholding for the social security, apply the rates…

Q: you deposit $5000 in an account earning 3% interest compounded monthly. how much will you have in…

A: We have given,

Q: Find the present value of amount. $2000 if interest is 6% compounded annually for 5 years

A: Compound interest formula is A=P1+rnt Where A=AmountP=Present valuer=interest raten=number of times…

Q: Gilberto opened a savings account for his daughter and deposited $700 on the day she was born. Each…

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Q: deposit $4000 in an account earning 2% interest compounded monthly. How much will you have in the…

A: Given that; Principal {p} = $ 4000 Rate (r) = 2%  Time = 10 years By using the compound interest…

Q: Find the simple interest on a $2000 investment made for 2 years at an interest rate of 9%/year. What…

A: Formula for finding Simple interest (S.I)  is S.I=prtwhere p= principal amount,            r=rate of…

Q: You deposit $2000 in an account earning 2% interest compounded monthly. How much will you have in…

A: given, principal (P)=$2000           interest  rate (R)=2%= 2/100 =0.02     (for compounded monthly…

Q: You can afford monthly deposits of $120 into an account that pays 2.4% compounded monthly. How long…

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Q: Jesaki Bank offers a 10-year CD that earns 2.3% compounded continuously.

A: Therefore, it will take almost 4.6 years for the amount to be worth $11,115.Explanation:Step 1: Step…

Q: Suppose you save $5 each week. At the end of one year, how much money will you have saved?

A: Given : you save $5 each week Total week in one year =52