James receives $6497 at the end of every month for 4 years and 3 months for money that he loaned to a friend at 1.6% compounded monthly. How many payments are there in this annuity? Round up to the next payment Answer:

Q: Sandeep borrows $20,000 for a new car. The bank offers him an annual interest rate of 9% compounded…

A: Given that the borrows amount PV= $ 20,000 Interest rate  r=9%=9100=0.09compounded monthly…

Q: In 6 years Harry and Sally would like to have $24,000.00 for a dow use. How much should they deposit…

A: In this question, the monthly payment is to be calculated using the formula. M1-1+i-ni=A

Q: Sam borrows $28 000 to buy a new car at a flat interest rate of 9% per annum over 3 years. How much…

A: It's a question of flat (simple) interest rate. We will calculate interest, add the same to the…

Q: Peter purchased a cottage for $360,000. He paid $32,500 down and agreed to make equal payments at…

A: Solution-The price of the cottage =$360000Down payment=$32500Rate(r)=3.2% or 0.032Time(t)=8…

Q: Mr. John borrows money from a friend with simple interest of 12%, find the present worth of $25,000…

A: If the interest is simple, then the formula used is A=P(1+rt), where A is the final amount, P is the…

Q: You have $500,000 saved for retirement. Your account earns 5% interest. How much will you be able to…

A:

Q: Jamie plan to make payments of $9000 into a account on the last day of this and every year until his…

A: Consider the given information.

Q: Jenny invests $9,000 at 8% compounded annually in an annuity. How long until Jenny has $18,000

A:

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

A:

Q: Mark deposits $1000 at the end of every 6 months in his bank account. If the bank pays 6% compounded…

A: Given, Mark deposits $1000 at the end of every 6 months in his bank account. If the bank pays 6%…

Q: accumulate enough money for a down payment on a house, a couple deposits $597 per month into an…

A: We will find out the required value.

Q: Fritz buys a car costing $10,500. He agrees to make payments at the end of each monthly period for 8…

A: P = 10500 r = 9.6% = 9.6/100 = 0.096 t = 8

Q: Alexander loaned $70,000 to a small business at 4.18% compounded monthly for 1 year and 6 months.…

A: Alexander loaned  to a small business at  compounded monthly for  year and  months.We have to find…

Q: You take out a loan to purchase a car for $7600. The bank offers you 3.8%, compounded monthly for 4…

A: Interest = $ 26525.22

Q: John got a part time weekend job at a local restaurant to save for a new car. He plans on depositing…

A:

Q: Maura received $1000 from friends and family for college graduation. If she deposits her money into…

A:

Q: A woman deposit $290 of her quarterly checks into an annuity for the education of her child. She…

A:

Q: Sam deposits $400 at the end of every 6 months in an account that pays 7%, compounded semiannually.…

A: ANSWER :

Q: Suppose that you borrow $13,000 for four years at 6% toward the purchase of a car. Find the monthly…

A:

Q: You can afford monthly deposits of $250 into an account that pays 2.4% compounded monthly. How long…

A:

Q: Hannah is buying a house in Prince Edward Island. She paid $45000 cash when she bought the house and…

A:

Q: John made periodic deposits of $300 to Floor Bank, which pays 8% interest compounded semiannually.…

A: Given: The value of Periodic Deposit is $300 The value of Annual Interest Rate is 8.00% compounded…

Q: mrs. smith invested P500,000 in a company that offers 6% interests compound annually. How much will…

A: We need to find worth of investment for 5 years.