having difficulty deciding whether to put her savings in the Mystic Bank or in the Four Rivers Bank. Mystic offers a 12% rate compounded quarterly, and Four Rivers offers 14% compounded semiannually. Jane has $40,000 to invest and expects to withdraw the money

Melvin Indecision has difficulty deciding whether to put his savings in Mystic Bank or Four Rivers Bank. Mystic offers 10% interest compounded semiannually. Four Rivers offers 8% interest compounded quarterly. Melvin has $10,000 to invest. He expects to withdraw the money at the end of 4 years.Calculate interest for each bank and identify which bank gives Melvin the better deal? (Use the Table provided.) (Do not round intermediate calculations. Round your answers to the nearest dollar amount.)

Janie deposits $10,000 in the bank today. Starting 3 years from now, she makes equal withdrawals of $1,000 for 5 years and then withdraws the remaining amount 10 years from now. How much will she be able to withdraw 10 years from now, assuming the bank pays 6% compounded annually?

Suppose that you need $30,000 for your last year of college. You could go to a private lending institution and apply for a signature student loan; rates range from 7% to 14%. However, your Aunt Sally is willing to loan you the money from her retirement savings, with no repayment until after graduation. All she asks is that in the meantime you pay her each month the amount of interest that she would otherwise get on her savings (since she needs that to live on), which is 4%.What is your monthly payment to her, and how much interest will you pay her over the year (9 months)?(Fill in the blanks below and give your answers as whole numbers.)The amount of interest per month you would pay Aunt Sally is $__(1)__ .The total interest you will pay her over the year (9 months)is $__(2)__ .

Mike is planning to take a Caribbean vacation in two years. In order to save money for the trip, he invests his $1200 tax refund. a. Bank 1 offers simple interest of 8 %. At the end of the two years of investment, how much will Mike have in his savings account if he chooses Bank 1? b. Bank 2 offers 3.5% compounded quarterly. At the end of the two years of investment, how much will Mike have in his savings account if he chooses Bank 2? c. If the trip costs $1,350. Is Mike going to be able to accomplish his goal? Which bank should he choose? Explain why.

Jeff has a credit card balance of 100,000. The annual effective interest rate on the credit card is 18%. He takes out a loan from a loan shark with an annual effective interest rate of 8% to pay off his credit card balance. How much does this strategy save Jeff if he pays off the loan in full with a single payment after 18 months?

Alicia's investment manager offers her an interest rate of 8.0% compounded monthly on her investments. If the manager changes his mind and offers her a rate of 8.0% compounded annually how much more would she have to deposit at the end of each year in order to accumulate $445,000 in 20 years? Round to the nearest cent