Use the savings plan formula to answer the following question. You put $200 per month in an investment plan that pays an APR of 6.5​%. How much money will you have after 28 years?

Q: You have a credit card that has a balance of $12,000 at an APR of 18.99%. You plan to pay $600 each…

A: Solution:-The loan amount on the credit card i.e. PV =$12000APR =18.99% p.a. i.e. 18.99/12 =1.5825%…

Q: Calculate the amount of interest you'll have at the end of the indicated period. You invest $7000 in…

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Q: you deposit $5000 in an account earning 3% interest compounded monthly. how much will you have in…

A: We have given,

Q: In a 7 years, you want to have $3,120 worth of remodeling done to your house bathroom. How much…

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Q: You deposit $1000, and it grows to $1,500 in 5 years.  What is your total return? Total Return =…

A: given deposit = $1000 total balance after 5 years = $1500

Q: You want to be able to withdraw $20,000 from your account each year for 20 years after you retire.…

A: Given: Withdrawable amount= $20,000 for 20 years. Expected retirement=3 years. interest rate 4%.…

Q: balance of $11,660 at an APR of 16.99%You plan to pay $500 each month in an effort to clear the debt…

A: Solution:-The loan amount on the credit card i.e. PV =$11660APR =16.99% p.a. i.e. 16.99/12 =1.41583%…

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: A retiree invests $8,000 in a savings plan that pays 6% per year. What will the account balance be…

A: Given  invested amount  =  $ 8,000 intrest rate  = 6% per year

Q: You want to be able to withdraw $40,000 from your account each year for 25 years after you…

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Q: You deposit $2000 in an account earning 2% interest compounded monthly. How much will you have in…

A: given, principal (P)=$2000           interest  rate (R)=2%= 2/100 =0.02     (for compounded monthly…

Q: If you want to earn 9% annual simple interest on an investment, how much should you pay for a note…

A: Given that  worth $28,700.00 in 5 months. 9% annual simple interest on an investment,

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: 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: You make a payment of $300 at the beginning of each month into an account that 3.6%annual interest.…

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Q: You wish to purchase a new house 20 years from today. You currently have $25,000 debt you need to…

A: The annual payment on a loan is given by the formula AP=Pr1-1+r-n. Given data:…

Q: You can afford a monthly payment of $375 for a new car loan.  You want the loan to last for 5 years…

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Q: Brad invests $3700 in an account paying 3% compounded monthly. How much is in the account after 8…

A: We know,         For principal amount P and rate of interest r% compounded per unit time, the amount…

Q: o create a college fund for your child. Suppose you find a fund that offers an APR of 6%. How much…

A: We are given: APR=6%=0.06A=Amount after time t=$89000n=Number of months in a year=12Y=Number of…

Q: You need to borrow $20000 and will pay it all back in a lump sum in 6 years. Of the two loan options…

A: Loan A is the best loan between these two loans . Loan A will save more money to us than loan b.…