You decide to quit using your credit card and want to pay off the balance of $11,800 in 5 years. Your interest rate is 16.05% compounded monthly. What will your monthly payments be? LA
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- Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate $2,500 over the next 4 years when the interest rate is 15%, how much do you need to deposit in the account? B. If you place $6,200 in a savings account, how much will you have at the end of 7 years with a 12% interest rate? C. You invest $8,000 per year for 10 years at 12% interest, how much will you have at the end of 10 years? D. You win the lottery and can either receive $750,000 as a lump sum or $50,000 per year for 20 years. Assuming you can earn 8% interest, which do you recommend and why?Suppose you currently have $4,800 in your savings account, and your bank pays interest at a rate of 0.47% per month. If you make no further deposits or withdrawals, how much will you have in the account in 6 years? In 6 years' time, you will have $________ in the account.You decide to quit using your credit card and want to pay off the balance of $9,500 in 4 years. Your interest rate is 14.75% compounded monthly. What will your monthly payments be? How much interest do you pay?
- Suppose you want to have $700,000 for retirement in 30 years. Your account earns 10% interest. a) How much would you need to deposit in the account each month? $ b) How much interest will you earn? $ esSuppose you want to have $500,000 for retirement in 25 years. Your account earns 9% interest. a) How much would you need to deposit in the account each month? b) How much interest will you earn?Suppose you want to have $600,000 for retirement in 20 years. Your account earns 4% interest.a) How much would you need to deposit in the account each month?$b) How much interest will you earn?$
- You want to take out a mortgage on a house worth $50,000 and pay it back in 10 years. Since your credit is very poor, the bank charges you simple interest at the rate of 2% per month. a. How much will you owe after 1 year? b. How much is the interest?Suppose you invest $130 a month for 5 years into an account earning 8% compounded monthly. After 5 years, you leave the money, without making additional deposits, in the account for another 29 years. How much will younhave in the end? Suppose instead you didn't invest anything for the first 5 years, then deposited $130 a month for 29 years into an account earning 8% compounded monthly. How much will you have in the end? Question Help: D Video Submit QuestionYou bought a house with a $378016 mortgage that you will pay off over 26 years. Given your credit score, your interest rate is 7.65%. What is your monthly payment? show fomular and work. Answer:
- Suppose you want to have $400,000 for retirement in 10 years. Your account earns 9% interest. Feel free to use the Online Basic Financial Calculator a) How much would you need to deposit in the account each month? S b) How much interest will you earn? Ssuppose you start saving today for a 40000 down payment that you plan to make on a house in 8 years. assume that you make no depsits into the account after the initial deposit how much would you have to deposit now to reach that goal of 40000 in 8 years account has daily compunding intrest with an 6 apr rate how much should you investIf you deposit money today in an account that pays 4%annually interest. How long will it take to double your money?
