Just before his first attempt at bungee jumping, John decides to buy a life insurance policy. His annual income at age 30 is $36,000, so he figures he should get enough insurance to provide his wife

Q: You have an opportunity to invest in a fund that has a yearly interest rate of 6%. How much should…

A: From the given information, it is observed that FV = $15,000, r = 6%, that is, r =0.06 and t = 3.…

Q: You decide to quit using your credit card and want to pay off the balance of $2,400 in 3 years. Your…

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Q: eeds $50,000 as a down payment for a home. If they invest the $35,000 they have at 8% compounded…

A: Compound interest formula is used

Q: A firefighter for the National Park Service has a 5-year car loan for which the monthly payment is…

A: Given: To explain the given statement as follows,  Formula used: Present Value =Annuity × 1-11+rnr.

Q: You buy a bond with a face value of $2,000. The maturity date is 5 years from the time it was…

A: Given information:A bond with a face value of $2,000. The maturity date is 5 years from the time it…

Q: Suppose you want to buy a $140,000 home. You found a bank that offers a 30-year loan at 5.1% APR.…

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Q: A radio commercial for a loan company states: "You only pay 35¢ a day for each $500 borrowed." If…

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Q: Andrew invested $213 for 15 months in a bank and received a maturity amount of $239.50. If he had…

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Q: Will and Jane Sparks are establishing a college fund for their 1-year-old daughter, Jennifer. They…

A: Given information: Amount to accumulate (FV) = $30,000 Time in years (n) = 17 Annual Interest rate…

Q: Suppose you have budgeted $ 1130 a month towards a mortgage. If you are offered a 30 year mortgage…

A: Given that, the monthly payment towards a mortgage is $1130, the number of years is 30 years and the…

Q: You want to purchase a bond that has a face value of $40,000

A: Given, Face value of the bond: F=40000 Quarterly interest payment: I=40000×8100×14=100×8I=800 Yield…

Q: Carl is the beneficiary of a $29,000 trust fund set up for him by his grandparents. Under the terms…

A: Given ,  Present value (PV) = $29,000 Rate (r)= 3%  n = 4

Q: Consider an investment of $1,500 for four years at 3.75% simple interest. a. Find the amount of…

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Q: What is the present value of $2,000 paid at the end of each of the next 85 years if the interest…

A: n =85 rate = i  = 5% annuity value = 2000

Q: Suppose you want to save in order to purchase a new boat. Take the APR to be 9.2%. You want to have…

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Q: Suppose you want to buy a $142,000 home. You found a bank that offers a 30-year loan at 3.1% APR.…

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Q: James has a mortgage of $96,500 at 4% for 15 years. The property taxes are $3,900 per year, and the…

A: NOTE: Refresh your page if you can't see any equations. . here we have L=96500 r=4% t=15 years The…

Q: low much interest are you going to pay after 45 days if you borrowed 50,000.00 in a lending vestor…

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Q: You are in the market to buy a home.  You plan on borrowing $361,683 from the bank.  Interest rates…

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Q: A new investment opportunity for you is an annuity that pays $850 at the beginning of each year for…

A: Give information Amount A=$850 Time t=3 years Rate of interest r=5.5% ⇒r=5.5100=0.055 Formula used :…