You're prepared to make monthly payments of $360, beginning at the end of this month, into an account that pays 8 percent interest compounded monthly. How many payments will you have made when your account balance reaches $25,390?     Multiple Choice   5.01   63.8   24.6   52.2   58

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

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Q: You agree to make 24 deposits of $500 at the beginning of each month into a bank account. At the end…

A: It is a case of an annuity due where deposits are done at the beginning of the month for 24 months.…

Q: YOU ARE PREPARED TO MAKE MONTHLY PAYMENTS OF 250 BEGINNING AT THE END OF THE MONTH INTO AN ACCOUNT…

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Q: You are offered a line of credit that requires a minimum 3% repayment of principle each month at an…

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Q: If you wish to withdraw $200 at the end of EACH of the next 3 years earning 3.5% per year, what…

A: Present Value of annuity refers to the current value of all the series of payments or income at…

Q: You need to have OMR 15000 in five years to payoff a home loan. You can invest in an account that…

A: Given:

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

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Q: You have a credit card with a balance of $11,800 and an APR of 17.4 percent compounded monthly. You…

A: DETAILS MONTHLY PAYMENT = 230 PRESENT VALUE  11,800 PMT (MONTHLY PAYMENT) 230 INTEREST RATE…

Q: The quoted annual rate on your credit card is 14 percent, and there is a $30 annual fee. If your…

A: A credit card is a financial tool that allows individuals to borrow funds from a financial…

Q: Your credit card company charges you 1.44 percent per month. What is the EAR on your credit card?…

A: Effective annual rate of interest (EAR) = (1 + r)^t - 1r = rate of interest = 1.44% t = time = 12

Q: periodically in order to make the account last the specified amount of time. Round your answer to…

A: Present value of annuity formula: PVA=A×1-11+rmm×nrm where, PVA = account balance r = rate of…

Q: compounded

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

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Q: How many months will it take to pay off a credit card debt of $4,000 by paying $250 per month at an…

A: Using NPER function in excel

Q: An account today is credited with monthly interest thereby bringing the account balance to $6,660.…

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Q: The quoted rate on your credit card is 18 percent and the card has a $57 annual fee. If your average…

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Q: You get an offer for a credit card that charges 13.99% interest APR, compunded monthly. What…

A: Effective Annual Interest Rate: The actual return on a savings account or any other investment that…

Q: A payday loan company charges a $25 fee for a $550 payday loan that will be repaid in 17 days.…

A: Given, Payday loan company charges fee = $25 Payday loan amount = $550 Duration = 17 days

Q: Quarterly deposits are made in an account that pays 8% compounded monthly. How much is in the…

A: Qaurterly deposit=$1500Interest rate=8%Quarterly interest rate=r=2%Period=2 yearsNumber of…

Q: How many monthly advance deposits of $2,500.00 each do we need to make to accumulate $638,513.00 if…

A: Monthly deposit (m) = $2,500 Accumulated value or future value (FV) = $638,513 Monthly interest rate…

Q: If you have a $19,500 car note with a $380.00 monthly payment, payable over 60 months, what interest…

A: In the above question we need to compute the interest rate from following details: Value of card…

Q: You're prepared to make monthly payments of $310, beginning at the end of this month, into an…

A: The objective of this question is to find out the number of payments required to reach a certain…

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: ur customers has just made a purchase in the amount of $28,000. You have agreed to payments of $590…

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Q: You deposit $201 at the end of each quarter into an account that pays a nominal annual rate of 16%…

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Q: ou are planning to make monthly deposits of $190 into a retirement account that pays 10 percent…

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Q: Suppose your credit card issuer states that it charges a 17.00% nominal annual rate, but you must…

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Q: You agree to make 36 deposits of $600 at the beginning of each month into a bank account. At the end…

A: An annuity is a series of fixed amount cash flows at equal time intervals for a specific duration.…

Q: One of your customers has just made a purchase in the amount of $26,400. You have agreed to payments…

A: A loan is a debt amount borrowed by one person from another person at a predetermined financial…

Q: whats the answer to number 1?

A: Please see the next step for the solution

Q: me that you ave a balance of on your crea month you make only the minimum payment of 5% of the ha

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

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Q: If you deposit $2,200, how long must you wait until your account has grown to $3,900? Number of…

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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: Example: You will receive three payments: $1,000, $2,000 and $3,000 on March 1, May 1 and December 1…

A: Due Date Amount receivedMarch 1 Amount received on March 1=$1,000May 1 Amount received on May…

Q: You currently have $4,000 in a bank account that pays an annual rate of 1%, compounded monthly.  You…

A: Dear student, we need to use NPER formula to calculate number of periods(N) in excel.

Q: our current balance is $20,000. You may use any method to solve this as long as I can verify your…

A: In this question, we will be creating Loan amortization table until its get fully paid off. The…

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

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Q: You just received your credit card statement that showed that you charged $120 with your card during…

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Q: If you deposit $150 dollars into your savings account at the beginning of each month, and that…

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Q: How much interest will you have to pay for a credit card balance of $757 that is 1 month overdue, if…

A: Given, Credit Card Balance = $757 Annual Rate charged = 23%

Q: A credit card offers an introductory rate of 7% compounded monthly for the first six months,…

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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…

Effective Interest Rate

The term interest rate can be defined as the amount that is charged by the lender as a percentage on the principal amount. Interest rate which is charged annually is known as annual percentage rate.