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: Melanie earned $1430 on an investment she held for 8 months at 7.9% p.a. What was the principal…

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Q: You think you need $1.5 million and your retirement advisor thinks you will average 6% a year on…

A: NOTE: Refresh your page if you can't see any equations. . here we have FV=1.5million=1500000 n=1 for…

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 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 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: Labors wants to buy a boat five years from today. She will need $40,000. Lanita wants you to…

A: Step 1: Given Value for Calculation Compound = Semiannually = 2Time = t = 5 * 2 = 10Future Value =…

Q: How much would you need to deposit in an account now in order to have $6000 in the account in 10…

A: See the attachment

Q: You began saving for retirement at age 25 by contributing $550 per month at an APR of 6% compounded…

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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: 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: 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 start working with a savings account with a $.25 in it and your boss double it each day for 3…

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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: You want to be able to withdraw $45,000 from your account each year for 30 years after you retire.…

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Q: You owe $2300 on a credit card with 21% APR if you want to pay it off in 18 months, how much would…

A: Loan amortization formula is  A=Pi1+in1+in-1 Where A is periodic payment amount, P is loan amount,…

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

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Q: Mrs. Rees decides to invest $250 each month into an account that earns 1.8%/a compounded monthly.…

A: Mrs. Rees decides to invest $250 each monthrate=r= 1.8%/atime = 5 years

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.…

Q: Use the savings plan formula to answer the following question.   Your goal is to create a college…

A: The savings plan formula is, A=PMT×1+APRnnY-1APRn In the formula, A be the accumulated balance, PMT…