your credit card has a balance of $4,500 and an annual interest rate of 16%. you decide to pay off the balance over 3 years. if there are no further purchases charged to the card, a.- how much must you pay each month? b.-what is the total interest paid over 3 years?

Q: se PMT= 1- P to determine the regular payment amount, rounded to the nearest dollar. Your cre -nt…

A: Present value of annuity Annuity is a series of periodic equal payment over a specified period. With…

Q: How much would you need to deposit in an account now in order to have $5,000.00 in the account in 13…

A: Simple interest is an interest that is calculated on the initial investment.

Q: A bank account earns 6% simple interest. If you deposit $1,000 and then do not make any additional…

A: We need to calculate future value of $1,000 deposited today at 6% simple interest after 5 years.…

Q: A. B., ) How much will you have in the account in 7 years? 5.) How much interest will you have…

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

Q: How high can the discount rate be before you would reject the project? (Do not round intermediate…

A: We should reject a project who’s cost of capital is greater than its Internal Rate of Return (IRR).…

Q: Today, you borrowed $6,200 on your credit card to purchase some furniture. The interest rate is 14.9…

A: Compound = monthly  = 12 Present value = pv = $6200 Interest rate = r = 14.9 / 12% Payment = p =…

Q: Assume you deposit $4,200 at the end of each year into an account paying 10 percent interest. a. How…

A: The fixed periodic regular payments/deposits made at each periodic interval are recognized as…

Q: Assume that you have a balance of $4900 on your Discover credit card and you make no more charges.…

A: A credit card refers to a debt instrument that allows the holder to access funds that they repay at…

Q: Your card has a limit of $1,000. You plan to go on a honeymoon in one year and want to use the…

A: Given information: Limit of credit card : $1,000 Usage : Month 1-$150, Month 2-$200, Month 3-$199…

Q: the apr on the card is 12%, and you are not going to use the cardinal paid in full. assume you owe…

A: Credit debt = $1,383 Interest Rate = 12% APR Monthly Payment = 140

Q: You want able to withdraw 15,000 each month for 15 years. your account earns 3 1/4% interest. a.…

A: Investments are the ways in which individuals and corporations park and save their money and funds…

Q: a) You have a bank account that earns 6.8% interest rate. How much must you deposit (prinicipal) in…

A: The Future Value is calculated with the help of following formula  Future Value = Principal Amount ×…

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: You have $4,500 on a credit card that charges a 16% interest rate. If you want to pay off the credit…

A: Monthly Payment: Monthly payments let a borrower pay down part of the remaining sum, which is…

Q: Suppose that on Janu If y Calcule When What percentage The monthly payment is Do not round und the…

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

Q: You have a balance of $7500 on your credit card and you make no further charges. If your APR is…

A: Data given: Balance on credit card = $7500 APR=12.5% Minimum payment = 5% of balance t=24 months…

Q: You plan to deposit $4,000 today, $2,000 in one year and $4,000 in two years into an account earning…

A: Here, Deposit Amount  today (D0) is $4,000 Deposit Amount in One Year (D1) is $2,000 Deposit Amount…

Q: Use PMT= to determine the regular payment amount, rounded to the nearest dollar. Your cre has a…

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

Q: When you buy a certificate of deposit (CD), you are investing your money in an account that earns…

A: The formula used to compute final worth of CD as follows: A=P1+rnnt

Q: You have $2,500 on a credit card that charges a 15% interest rate. If you want to pay off the credit…

A: Step 1: Step 2: Step 3: Step 4:

Q: If your Visa credit card has an APR of 14.49%, compounded monthly and your current balance is…

A: APR is 14.49% Compounded monthly Current Balance is $425.69 Time period 1 year Minimum monthly…

Q: ou make a one time 2000 deposit into an account which pays an annual interest rate of 1.7 compounded…

A: the final balance in the account will be the future value of the amount 2000 along with the interest…

Q: A customer of your bank comes for a car loan 10000 OMR. He is charged with an interest rate of 5%…

A: Fixed monthly payment =P× r ×(1+r)n(1+r)n-1 Where : P = Loan amount r = monthly rate of interest n =…

Q: A customer of your bank comes for a car loan 10000 OMR. He is charged with an interest rate of 5%…

A: Given Information : Amount of loan : 10,000 OMR Interest rate : 5% annual Tenure : 12 months

Q: You expect to have the given amount in an account with the given terms. Find how much you can…

A: Here, To Find: Weekly withdrawals =?

Q: A CD, or “certificate of deposit,” is a type of savings account with a fixed rate and term, meaning…

A: Variables in the question:Initial deposit = $2200APR = 0.26% (compounded monthly)N=10 years

Q: You have $4,000 on a credit card that charges a 14% interest rate. If you want to pay off the credit…

A: Using excel PMT function

Q: You have asked Raider Bank for a $20,000 signature loan, where you will be charged 1% per month…

A: It seems there might be a mistake or some missing information in this question. Let me clarify a few…

Q: when

A: !!!The amount of the deposit will grow on a daily basis, At the end of five years, the amount must…

Q: You have a bank deposit now worth $5000. How long will it take for your deposit to be worth more…

A: Interest is an additional amount which is earned on deposited amount for the period. It increases…

Q: Your credit card has a balance of $4100 and an annual interest rate of 15%. You decide to pay off…

A: Balance amount=$4100 Interest rate=15% Time period=3 years 3 years monthly payment=$142.13 3 years…

Q: Do you have a total credit card debt of $6000 you receive an offer to transfer this debt to a new…

A: Annual Percentage Rate(APR) is the specified rate of interest charged by any of the authorizing…

Q: You have a balance of $7500 on your credit card and you make no further charges. If your APR is…

A: Monthly rate = APR /12 = 12.5% / 12 = 1.041667%

Q: You owe $1,853.42 on a credit card with a limit of $3,000.00 at a rate of 15.5% APR. You pay…

A: Given : Owe $1,853.42 on a credit card with a limit of $3,000.00 at a rate of 15.5% APR. Pay…

Q: Use PMT = n to determine the regular payment amount, rounded to the nearest dollar. Your credit card…

A: Present value of any deposit is the discounted value of each intermediary and terminal value.

Q: 7. How much must Brix place in his account at the end of each month in order to have P125,000 at the…

A: Since the given post has multiple questions, only the first question is answered here. If you want…

Q: ssume that you have a balance of $4600 on your Discover credit card and that you make no more…

A: Credit cards are financial instruments that allow users to borrow funds up to a predetermined limit…

Q: Your credit card charges an APR of 29% on your balance. Interest is compounded on a daily basis, 365…

A: Given information: Annual rate : 29% (This rate would have to be converted on monthly basis…

Q: 7. You just received a $1,000 bill for your credit card, which has an annual interest rate of 18%.…

A: Following is the answer to the given question