You have $2,000 on a credit card that charges a  20% interest rate. If you pay off the credit card in 4 years, how  much will you need to pay each month(assuming you don't change anything new to the card)?

Q: + nt card has a balance of $5400 and an annual interest rate of 1 there are no further purchases…

A: Loans are paid by the equal monthly payments and these payments carry the payment for interest and…

Q: Aya and Sakura have now saved up their down payment to buy a home, but they still need to borrow to…

A: When you take out a home mortgage from a bank then you pay same monthly amount each month over the…

Q: You want to buy a $199,000 home. You plan to pay 10% as a down payment, and take out a 30 year loan…

A: Formula; Loan amount = Home value * (1 - Down payment)   Loan amount = $199,000 * (1 - 0.10) Loan…

Q: What is your monthly loan payment? What is your expected balance after five years (60 months)?

A: Purchase Price64900Down Payments10000Loan Amount54900No.of Payments84Monthly Rate0.0033Monthly…

Q: You have credit card debt of $25,000 that has an APR (monthly compounding) of 17%. Each month you…

A: APR of old card = 17%APR of New Card = 10%Number of months in year = 12Balance on Card=$25000

Q: You plan to retire in 45 years and would like to be able to spend $4,000 a month (at the end of…

A: “Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered only…

Q: What rate of interest will you have to get per year if you would like to buy a car for $68,500 at…

A: Rate of interest is the percentage of return that is expected to be generated by investing in the…

Q: You owe $24,000 on student loans at an interest rate of 5.45% compounded monthly. You want to pay…

A: Given loan amount is Interest Rate is Time period since number of payments is monthly total number…

Q: You want to buy a $150,000 home. You plan to pay 5% as a down payment, and take out a 30 year loan…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: อ [What is the APR on your personal credit card(s)?] (4.7) 4-52. A financial consultant offers you a…

A: To solve this problem, we can use the concept of the annuity formula. The formula for the present…

Q: How much the monthly payment on a $114,000 home be if you get 4.1% interest over a 15 year loan with…

A: Here, Loan Amount is $114,000 Interest Rate is 4.1% Time Period of Loan is 15 years Compounding…

Q: Paying off credit card debt: 000.8012=000.5062000.0128 What will be your monthly payment if you have…

A: The time value of money is the idea that an amount of wealth is considerably more right now than it…

Q: (A) Suppose you save $4,000 per year at the beginning of each year for 10 years and earn 8.5%…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: How much is there in a savings account in 2 year we deposit $5,000 now at a rate of 0.25% per month…

A: We need to compute the future value of $5,000 after 2years, Formula for same is : = A ( 1 + r)n Rate…

Q: 13. You have a $3,500 credit card balance and the credit card company charges 12 pe interest…

A: Loans are paid by equal periodic payments that carry the payment of interest and payment of…

Q: Question 1 You borrow 1000 from a friend at a simple interest rate of 6% for 4 years. Calculate the…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: You borrow $22997 to buy a car. You will have to repay this loan by making equal monthly payments…

A: The monthly payment of a loan refers to the regular payment of the amount for a fixed loan amount.…

Q: Q20) You currently owe $3,545.00 of your credit card that charges an annual interest rate of 20.29%…

A: Given Information: Currently owed : $3545.00 Interest rate = 20.29% p.a. Payment = $277.00 New…

Q: 16. You are going to use a mortgage to buy a house. This mortgage will have an initial balance of…

A: Mortgage is a legal agreement between the bank and the borrower for lending money to the borrower at…

Q: Say that you purchase a house for $206,000 by getting a mortgage for $185,000 and paying a $21,000…

A: House Cost =  $206,000 Down Payment = $21,000 Mortgage Amount = $185,000 Time Period = 25 Years…

Q: ment to

A: will reflect all the payments of annuity for 10 years (10*12=120 times) for the yearly interest rate…

Q: Suppose you buy car for $67,000 today with an interest rate of 12% over 5 years what is your monthly…

A: Time value of money is a financial concept which is used to calculate the value of money in present…

Q: You want to buy a $50,000 car. You can finance the car for 0.9% interest for 5 years. You decide to…

A: Solved using Financial Calculator  Assuming Interest rate is 0.9% per annum compounded monthly…

Q: If you have ATM fees each month of $3 for 5 years, what is the total cost of those banking fees?…

A: Cost of the banking fees is the sum of  fees for all the months in the given time period. It is…

Q: klp.3

A: The objective of this question is to calculate the future value of a one-time deposit of $4,353 at…

Q: You have an outstanding credit card balance of $4,000. You decide to stop making new charges and pay…

A: Number of months that can be taken to pay off the total balance can be calculated using NPER…

Q: None

A: To find out how much you need to deposit today to have $17,500 in 10 years with a monthly interest…

Q: Question 3: You just got a loan for $15,000 and you plan to pay it off in three years. Your monthly…

A: Loan amount=$15000PMT=monthly payment=500NPER=36Find out period required.

Q: Jabari Williams wants to have $112,000 in his account exactly 20 years from today. The account earns…

A: Future value required=$112000Period=n=20yearsInterest rate=r=8%

Q: how much can Marcus spend on a car (that is, what is the total cost of the car that Marcus can…

A: Loan amortization refers to a schedule which is prepared to shows the periodic loan payments, amount…

Q: klp.4

A: The objective of this question is to calculate the monthly payments for a car loan of $33,000 with…

Q: How much would you need to deposit in an account each month in order to have $40,000 in the account…

A: The concept of time value of money will be used and applied to get the solution.   The amount to be…

Q: Suppose that you wish to buy a new home that will cost you $476,301. You must put $80,000 down, and…

A: Negative amortization is where the principal to be paid increases due to non payment of interest due…

Q: How much should you deposit in an account so that you can withdraw $5300 every year for the next 18…

A: Using excel PV function

Q: pm.3 You have S81, 455.75 in a brokerage account, and you plan to deposit an additional $22,000 at…

A: The problem is a future value of a series problem in finance. We are given the present value…

Q: 11. Suppose you have a balance of $5400 on your credit card, which charges an APR of 18%. If you…

A: Monthly payment refers to an amount that is paid at every month for the repayment of loan amount…

Q: You want to be able to withdraw $50,000 each year for 15 years. Your account earns 7% interest. a)…

A: Here, Annual Withdrawals (PMT) is $50,000 Time Duration is 15 years Interest Rate is 7%

Q: (Comprehensive problem) You would like to have $54,000 in 16 years. To accumulate this amount, you…

A: Future value = $54,000Period = 16 yearsInterest rate = 6% per annum

Q: Your credit card has a balance of $3700 and an annual interest rate of 13%. You decide to pay off…

A: Given: Loan amount $3,700 Interest rate = 13% Years =1

Q: QUESTION 3 Suppose you deposit $2,500 in a CD paying 8% interest, compounded every other month. How…

A: Time value of money (TVM) is used to measure the value of money at different point of time in the…

Q: COMPARING INTEREST COST. You currently have a credit card that charges 18.99% interest. You receive…

A: Answer:-  Interest cost meaning:- Interest cost is the overall sum of interest payments a borrower…

Q: nominal You want to buy a car, and a local bank will lend you $35,000. The loan will be fully…

A: Loan = $35,000Period = 5 years or 60 monthsInterest rate = 10%