You decide to make monthly payments into a retirement fund earning 4.75% compounded monthly.  Note: Payments are made at the end of each period. You decide to deposit $240 each month into the retirement fund, and retire when you can afford to buy your dream boat, which costs $338,000.  How many months will you need to make payments before you can retire? _________   months.  Round to the nearest month.

Q: You deposit $3,000 into a savings plan at the end of each year for three years. The interest rate is…

A: We have deposit amount is P=$3,000 Rate of interest = 5% = 0.05 Time = 3 years. Now, the value of…

Q: Find the monthly payment (in $) and the total interest (in $) for a mortgage of $42,000 at  5 1/4…

A: To find the total interest

Q: You have $500,000.00 saved for retirement. Your account earns 5% interest compounded monthly. How…

A: Given : We have $500,000 saved for retirement and the account earns 5% interest compounded monthly.…

Q: Determine the periodic payments PMT on the given loan or mortgage. (Round your answer to the nearest…

A:

Q: Find the size of each of 4 payments made at the end of each year into a 5% rate sinking fund which…

A: We can use the formula for the future value of an annuity: FV = P * [(1 + r)^n - 1]/r where FV is…

Q: If money is worth 15% compounded semi - annually, find the outstanding balance just after the 10th…

A: topic - application of geometric progression optiin A 5857.30

Q: Find the face value of the zero-coupon bond. 20-year bond at 3.5% (compounded semiannually); price…

A:

Q: A personal account earmarked as a retirement supplement contains $292,100. Suppose $250,000 is used…

A:

Q: Assume that you have a balance of $4500 on your Visa credit card and that you make no more charges.…

A: Given information Balance=$4500 APR=21% And each month you make only the minimum payment of 2.5% of…

Q: Tan Company purchased a large server for $20,000. The company paid 35% of the value as a…

A: Solution:

Q: Use the sinking fund formula shown to the right to determine the monthly payment needed to…

A: Given data: Amount that needs to be accumulated (A)=$360000 Interest rate (r) =9% Time (t) =34…

Q: If you finance $15,000 for 3 years at 6% compounded monthly, the monthly payments will be…

A:

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

A:

Q: ou decide to make monthly payments into a retirement fund earning 4.75% compounded monthly.  Note:…

A: Given  monthly deposit =$130 rate =4.75% compounded monthly amount =$353000 Formula  A=P1+rnnt-1rn

Q: Find the present value of amount. $10,000 if interest is 8% compounded semiannually for 6 year

A: Consider the given information as P=$10000, r=8% For semi annually n=12

Q: P Suppose that you borrow $14,000 for four years at 5% toward the purchase of a car. Use PMT = to…

A:

Q: Find the amount necessary to fund then given withdrawls. Semiannual withdrawls of $900 for 9…

A:

Q: Calculate the time necessary to achieve an investment goal. Give your answer to the nearest day. Use…

A:

Q: Find the new balance, assuming that the bank charges 12% per month on the unpaid balance. Previous…

A: Given: Previous Balance=$300 Payment=$20 New Purchases=$80 Charge incurred by the bank on the unpaid…

Q: 7. Suppose you buy a new car for $22,000. You put down $1500 and take out a loan for the rest. You…

A:

Q: You decide to make monthly payments into a retirement fund earning 4.75% compounded monthly.  Note:…

A:

Q: Your credit union offers to finance a $6000 conventional loan at 4% to be repaid in four years of…

A: Here we have,  The loan amount = $6000 rate r=4%12=412×100=0.0033 Time t = 4 years  Number of the…