Use the appropriate formula to determine the periodic deposit. b. How much of the financial goal comes from deposits and how much comes from interest? Periodic Deposit Rate Time Financial Goal $? at the end of each month 6.25% compounded monthly 45 years $1,000,000 a.The periodic deposit is $______. (Do not round until the final answer. Then round up to the nearest dollar asneeded.)
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Periodic Deposit
|
Rate
|
Time
|
Financial Goal
|
|---|---|---|---|
|
$? at the end of each month
|
6.25%
compounded monthly |
45
years |
$1,000,000
|
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- a. Use the appropriate formula to determine the periodic deposit. b. How much of the financial goal comes from deposits and how much comes from interest? Periodic Deposit Rate $? at the end of every three 4.5% compounded quarterly months iClick the icon to view some finance formulas. Time 6 years Financial Goal $30,000 a. The periodic deposit is $. (Do not round until the final answer. Then round up to the nearest dollar as needed.) b. $ of the $30,000 comes from deposits and $ comes from interest. (Use the answer from part (a) to find these answers. Round to the nearest dollar as needed.)a. Use the appropriate formula to determine the periodic deposit. b. How much of the financial goal comes from deposits and how much comes from interest? Periodic Deposit Rate Time Financial Goal $? at the end of each month 6.5% compounded monthly 15 years $220,000 LOADING... Click the icon to view some finance formulas. a. The periodic deposit is $nothing. (Do not round until the final answer. Then round up to the nearest dollar as needed.) b. $nothing of the $220,000 comes from deposits and $nothing comes from interest. (Use the answer from part (a) to find these answers. Round to the nearest dollar as needed.)a. Use the appropriate formula to determine the periodic deposit. b. How much of the financial goal comes from deposits and how much comes from interest? Periodic Deposit Rate $? at the end of each month 3.5% compounded monthly Click the icon to view some finance formulas. a. The periodic deposit is $. (Do not round until the final answer. Then round up to the nearest dollar as needed.) Formulas b. S of the $220,000 comes from deposits and S comes from interest. (Use the answer from part (a) to find these answers. Round to the nearest dollar as needed.) A= In the provided formulas, P is the deposit made at the end of each compounding period, r is the annual interest rate of the annuity in decimal form, n is the number of compounding periods per year, and A is the value of the annuity after t years. P[(1+r)²-1] T Time 10 years A= nt P= Financial Goal $220,000 响 nt [(¹-3) - X SEX
- a. Use the appropriate formula to determine the periodic deposit. b. How much of the financial goal comes from deposits and how much comes from interest? Periodic Deposit $? at the end of every three months i Click the icon to view some finance formulas. Rate 3.5% compounded quarterly Time 4 years Financial Goal $20,000 a. The periodic deposit is $ (Do not round until the final answer. Then round up to the nearest dollar as needed.)a. Use the appropriate formula to determine the periodic deposit. b. How much of the financial goal comes from deposits and how much comes from interest? Periodic Deposit Rate $? at the end of each month 7.75% compounded monthly iClick the icon to view some finance formulas. Time 35 years Financial Goal $1,500,000 a. The periodic deposit is (Do not round until the final answer. Then round up to the nearest dollar as needed.) b. S of the $1,500,000 comes from deposits and $ comes from interest. (Use the answer from part (a) to find these answers. Round to the nearest dollar as needed.) ***Consider a credit card with a balance of $7000. You wish to pay off the credit card in each scenario. Calculate the following. Round your answer to the nearest cent, if necessary.a. The amount of a monthly payment within the time frame givenb. The total amount paid over the time period12. APR of 17.99% paid off within 1 year APR of 24% paid off within 3 years
- Determine the periodic deposit. Round up to the nearest dollar. How much of the financial goal comes from deposits and how much comes from interest? A=P(1+r)t−1r A=P1+rnnt−1rn P=Arn1+rnnt−1 Periodic Deposit: $? at the end of each month Rate: 7.5% compounded monthly Time: 3 years Financial Goal: 34,000The following loan was paid in full before its due date a) Find the value of h using an appropriate formula b) Use the actuarial method to find the amount of unearned interest c) Find the payoff amount Regular Monthly Payment # of Payments Remaining after Payoff APR 7.2% $247 8 What is the finance charge per $100 financed? h=$ (Round to the nearest cent)The following loan was paid in full before its due date. a) Find the value of h using an appropriate formula. b) Use the actuarial method to find the amount of unearned interest. c) Find the payoff amount. Regular Monthly Payment APR # of Payments Remaining after Payoff 8.7% 4 $214 What is the finance charge per $100 financed? h = $ (Round to the nearest cent.) The unearned interest is about $ (Round to the nearest cent.) The payoff amount is $ Enter your answer in each of the answer boxes. f12 inser f9 f1o f7 fg f6 f4 f5 esc 5 7 8. %24 3 %23
- Suppose that on January 1 you have a balance of $6200 on a credit card whose APR is 18%, which you want to pay off in 1 year. Assume that you make no additional charges to the card after January 1 a. Calculate your monthly payments. b. When the card is paid off, how much will you have paid since January 1? c. What percentage of your total payment from part (b) is interest? C... a. The monthly payment is $ (Do not round until the final answer. Then round to the nearest cent as needed.)1. Suppose that on January 1 you have a balance of $5600 on a credit card whose APR is 17%, which you want to pay off in 1 year. Assume that you make no additional charges to the card after January 1. a. Calculate your monthly payments. b. When the card is paid off, how much will you have paid since January 1? c. What percentage of your total payment from part (b) is interest? a. The monthly payment is? Then round to the nearest cent as needed.) 2. Compare the monthly payments and total loan costs for the following pairs of loan options. Assume that both loans are fixed rate and have the same closing costs. You need a $160,000 loan. Option 1: a 30-year loan at an APR of 8%. Option 2: a 15-year loan at an APR of 7.5%. Question content area bottom Part 1 Find the monthly payment for each option. The monthly payment for option 1 is $enter your response here. The monthly payment for option 2 is $enter your response here. (Do not round…Suppose that on January 1 you have a balance of $2600 on a credit card whose APR is 13%, which you want to pay off in 1 year. Assume that you make no additional charges to the card after January 1. a. Calculate your monthly payments. b. When the card is paid off, how much will you have paid since January 1? c. What percentage of your total payment from part (b) is interest? ... a. The monthly payment is $. (Do not round until the final answer. Then round to the nearest cent as needed.) b. The total paid since January 1 is $. (Use the answer from part (a) to find this answer. Round to the nearest cent as needed.) c. The percentage of the total paid that is interest is %. (Use the answer from part (b) to find this answer. Round to one decimal place as needed.)