A new employee charged $2080 on his credit card to relocate for his first job. After noticing that the interest rate for his balance was 24% compounded monthly, he stopped charging on that account. He wishes to pay off his balance in 3 years using automatic payments sent at the end of each month. a. What monthly payment must he make to pay off the account at the end of 3 years? b. How much total interest will he have paid? m a. What monthly payment must he make to pay off the account at the end of 3 years? (Round to the nearest cent as needed.)
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- A new employee charged $6740 on his credit card to relocate for his first job. After noticing that the interest rate for his balance was 15% compounded monthly, he stopped charging on that account. He wishes to pay off his balance in 3 years using automatic payments sent at the end of each month. a. What monthly payment must he make to pay off the account at the end of 3 years? b. How much total interest will he have paid? a. What monthly payment must he make to pay off the account at the end of 3 years? $ (Round to the nearest cent as needed.)A new employee charged $7160 on his credit card to relocate for his first job. After noticing that the interest rate for his balance was 15% compounded monthly, he stopped charging on that account. He wishes to pay off his balance in 3 years using automatic payments sent at the end of each month. a. What monthly payment must he make to pay off the account at the end of 3 years? b. How much total interest will he have paid?new employee charged $2960 on his credit card to relocate for his first job. After noticing that the interest rate for his balance was 21% compounded monthly. hat account. He wishes to pay off his balance in 2 years using automatic payments sent at the end of each month. a. What monthly payment must he make to pay off the account at the end of 2 years? b. How much total interest will he have paid? a. What monthly payment must he make to pay off the account at the end of 2 years? $4 (Round to the nearest cent as needed.) b. How much total interest will he have paid? (Round to the nearest cent as needed.) Enter your answer in each of the answer bOxes.
- Jo deposits $5000 into an account on July 15, 2014. The account earns 4% compounded monthly. Just to mess with the bankers, she decides to pull all the money out on March 27, 2019. Assuming simple interest is allowed for part of a conversion period, how much is in the account on March 27, 2019?Alex changed jobs and plans to rollover the retirement savings from his old job. His new employer offers a retirement account that earns 6%/year compounded monthly. Alex will rollover $75,000 from his old account and make monthly contributions of $500 for the next 15 years. How much money will be in the retirement account at the end of that time? Use units and context in your answer, round to two decimal places.On May 11, Ali joined a gulf club. His bank will automatically deduct BD 120 from his checking account at the end of each month, and deposit it into his gulf club account, where it will earn 8% annual interest. The account comes to term on October 7. Find the following: a. Find the future value of Ali's gulf club account. b. Find Ali's total contribution to the account. C. Find the total interest earned on the account.
- On March 12, Nada joined a saving account. Her bank will automatically deduct BD 200 from her checking account at the end of each month, and deposit it into her saving account, where it will earn 5 % annual interest. The account comes to term on December 1. Find the following: a. Find the future value of Nada’s saving account. b. Find Nada’s total contribution to the account. c. Find the total interest earned on the account.Suppose that you charged $8430 on a credit card to relocate for your first job. When you realized that the interest rate for the unpaid balance was 27% compounded monthly, he decided not to charge any more on that account. You want to have this account paid off by the end of 3 years, so you arrange to have automatic payments of equal amount sent at the end of each month.(a) What monthly payment must you make to have the account paid off by the end of 3 years? (b) How much total interest will you have paid?Tracy wants to have $400,000 when she retires in 40 years' time. How much should she deposit at the end of each month into an account that earns 6% compounded monthly? $ (Round answer to the nearest whole number. Do not write the $ sign.)
- Ali obtains a loan for home renovations from a bank that charges simple interest at an annual rate of 3.6%. His loan is for $14,300 for 78 days. Assume each day is 1365 of a year. Answer each part below. round your final answers to the nearest cent. (a) Find the interest that will be owed after 78 days. $ (b) Assuming Ali doesn't make any payments, find the amount owed after 78 days. $A self employed individual, Jimmy Carpenter, is opening a retirement account at a bank. His goal is to accumulate P2726289 in the account by the time he retires from work in 20 years. A local bank is willing to open a retirement account that pays 10% interest compounded semiannually, throughout the 20 years. He wishes to start with a deposit at the end of the end of 1st semiannual and increase the deposit by 5% per semiannual thereafter. What should be the size of his first semiannual deposit? note: with solution and formulaMr. Owen is buying a new washer/dryer for $2459 at Home Depot. There is 7.5% sales tax added to his purchase. He plans to charge this to his Home Depot credit card, which earns 19.5% APR. He wants to pay $245 per month to the credit card. Fill in the amortization table to calculate how long it will take to pay off the loan. Month Balance Interest Amt. Applied to Principal New Balance 1 $2441.39 2 $2441.39 3 $36.34 $208.66 $2027.40 4 $2027.40 $32.95 $212.05 $1815.35 8 $226.18 $932.11 $231.29 $3.76 ----