6. Jasper Brown deposited $743.20 in a savings account at the Suburban Trust Com- pany on May 1. At the end of July his interest was computed at an annual rate of 7%. How much simple interest did Jasper's money earn?
Q: Judy Martinez, owner of Judy's Fashions,received a $12,000 tax refund. She depositedthe money in…
A: Bank is a financial institution which accepts the deposit of the customers and provides loans to the…
Q: a. What is the interest rate per month that is equivalent to 2.25% p.a.? %Round to two decimal…
A: Simple interest is a method of calculating the interest on the original amount of loan or deposit.…
Q: Assume Bill Jones invested $2,696.01 into an account exactly one year ago. The account has an…
A: Details given are : Initial investment (Present value) = $2696.01 Time period = 1 year Interest rate…
Q: Frank is making quarterly contributions of $240 to his savings account which pays interest 7.5%,…
A: The time value of money is used to calculate the present values and future values of any stream of…
Q: A man deposited $10,000 in a savings account when his son was born. The nominal interest rate was 8%…
A: The future value t is the estimated value of the deposit on a future date with an estimated interest…
Q: Looking for steps on how to solve it using: y=p(1+r/n)^nt
A: Introduction Future Value The value derived for the money invested today, based on the time value…
Q: Jamie invested a certain amount of money in JDJ Savings Bank with a 2.5% interest rate. He received…
A:
Q: 29. A man deposits P200 at the beginning of each month in a bank credits savings account with 5%…
A: We need to use future value of annuity due formula to calculate saving amount at the end of 4 years.…
Q: Cathy makes a single deposit into an account earning 2.5% compounded monthly. After five years,, the…
A: Interest rate = 2.5% Monthly interest rate (r) = 2.5%/12 = 0.208333333333333% Period = 5 Years…
Q: A businessman deposited an amount of P6,000 in a savings account for 5months and 25 days at a rate…
A: Cash flows are the cash generated from the operation of the business organisation. In other words,…
Q: "Ten years ago, when Nigel was still a college student, he deposited 10,000 in a bank. The bank's…
A: Deposit amount (P) = 10,000 Period = 10 Years Quarterly period (n) = 10*4 = 40 Interest rate = 2%…
Q: Sam Monte deposits $21,500 into Legal Bank, which pays 6% interest that is compounded semiannually.…
A: Using excel PV function
Q: CJ borrowed from a bank at 3.34% compounded semi-ann $1,049 at the end of every six months for 7…
A: The periodic payments are paid to pay the loan and these periodic payments carry the payment for…
Q: 3. Adrianne Castini deposited $750 in a new savings account at Bradington Savings and Loan…
A: A method of computing interest amounts in which the compounding effect was not considered by the…
Q: 4. Peter Sarnoff deposited $1000 in a new savings account at First National Bank. He made no other…
A: A method of computing interest amounts in which the compounding effect was not considered by the…
Q: on for 6 years and was charged om borrowed money from a simple interest at an annual rate of 8%. The…
A: Simple Interest can be calculated using the formula given below Simple Interest = (Principle x Rate…
Q: On May 1, Cleveland Livingston opened a savings account that paid 3.5% interest at Fulton Savings…
A: Saving account: A savings account is an interest-bearing deposit account with a bank or other…
Q: Mariah invested $10,000 in a bank certificate of deposit at a rate of 5% interest compounded…
A: Certificate of deposits is an investment product offered by banks. The interest rates on…
Q: Your cousin deposited some money into an account earning 4.75% interest, compounded daily, three…
A: Interest Rate (rate) = 4.75%Type of compounding = DailyNumber of times interest compounded in a year…
Q: On April 1, 1998, John opened a savings account with a nominal interest rate of 3.4% payable monthly…
A: Quaterly deposit in investment fund is $400 Interest rate of quaterly fund is 4.6% payable quaterly…
Q: Assume that Louisa carried an average balance of $1,000 from her credit card purchases over the past…
A: Interest charges are the amount of cost and charges paid for the amount borrowed either for personal…
Q: Miss Calledo deposited P 1,000, P 1,500 and P 2,000 at the end of the 2nd year, 3rd year and 4th…
A: Future Value(FV) is worth of current amount at future point that is computed by compounding current…
Q: Lee Holmes deposited $17,300 in a new savings account at 12% interest compounded semiannually. At…
A: Compound Interest is the method that considers interest on interest. It is a widely used method. The…
Q: Jim invests $15,000 today into an account, If the amount in the account accumulates to $17,364.37 at…
A: The rate of interest can be computed with the help of future value function.
Q: (a) Bill made deposits of $200 at the beginning of each month into a savings account for 12 years…
A: In compound interest, the interest earned is reinvested because of which we earn even more interest…
Q: On August 19, Siobhan O’Sullivan started an ordinary annuity. She arranged to have $150 deducted…
A: Annuity refers to the fixed periodic payments which are paid monthly, quarterly, semi-annually or…
Q: 3. An individual makes 6 annual deposits of P2,000 in a savings account that pays interest rate of…
A: Future Value is used to determine the bank account balance after certain period in which deposited…
Q: Ahmad earned $475 last summer. He deposited this money in an account that pays an interest rate of…
A: Future value = Present value * (1+rate)^n Where, n = no. of compounding period i.e. 15
Q: On Juan’s 26th birthday, he invested $7,500 in a retirement account. Each year thereafter he…
A: A concept through which it is studied that the current worth of money is higher than its future…
Q: MJ deposited 1,000, 1,500, and $2,000 at the end of the 2nd year, 3rd year and 4th year,…
A: The future value of deposits refers to the sum of the value of the deposits with the interest earned…
Q: Miss Evilla borrowed money from a bank. She receives from the bank P1,340.00 and promised to pay…
A: Banker's discount is the discount amount calculated on the future value of payable.
Q: Ann deposits $500 at the end of each month into her bank savings account. The bank paid 8% nominal…
A: The future value of certain recurring payments at a specified certain intervals is the future sum at…
Q: Suppose 27 years ago your father deposited $ 27992 in an account earning 9%. Every year you withdrew…
A: Amount in the account, 27 years ago = P = $ 27,992Period, T = 27 yearsAnnuity withdrawn at the end…
Q: Lucas made a single deposit into a savings account. At the end of saving for 18 years, Lucas has…
A: We need to use continuous compounding formula to solve this problem A=P(e)rn where A=future…
Q: 14.Mariah invested $10,000 in a bank certificate of deposit at a rate of 5% interest compounded…
A: Investment (PV) = $10,000 Interest rate (r) = 5% Period (n) = 3 Years
Q: Samantha deposits $1,500 into the Park Street Bank. The account pays 1.12% annual interest,…
A: To determine the future value of $1500 after 3 non leap years at 1.12% annual interest, compounded…
Q: 10. Miss Calledo deposited P 1,000, P 1.500 and P 2,000 at the end of the 2nd year, grd year and 4th…
A: Deposit in year 2 = P 1000 Deposit in year 3 = P 1500 Deposit in year 4 = P 3000 Annual interest…
Q: Heidi deposits $8,000 in a savings account that earns 4.5% interest, compounded quarterly. How much…
A: This question is from time value of money. It is the concept that money you have now is worth more…
Q: Rita deposited $8,000 in a savings account that provides for interest at the rate of 16% compounded…
A: Compound Interest=(A)=P1+rnntWhere,P= the principal, amount investedA= the new balancet= the…
Q: 5. On June 1, Bertha Hammond deposited $545 in a savings account at Metro Sav- ings and Loan…
A: A method of computing interest amounts in which the compounding effect was not considered by the…
Q: Lee Holmes deposited $15,300 in a new savings account at 8% interest compounded semiannually. At the…
A: Given Information: Amount deposited - $15,300 Rate of interest - 8% compounded semiannually Amount…
Q: Emily invested his savings of $1,625 in a savings account that was earning simple interest at 4.26%…
A: Effective rate is a rate at which interest is received actually and nominal rate is rate which is…
Q: On the first day of the year, a man deposits ₱1,000 in a bank at 8% per year compounded annually.…
A: future value = present value *(1+ rate) value at the end of 1st year = 1000 * 1.08 = 1080 amount…
Q: Crystal deposited $16,000 in a new savings account at 7% interest compounded semiannually. At the…
A: Future value is worth of an account at future date where amount gets added with interest with the…
Q: Assume Bill Jones invested $4,604.93 into an account exactly one year ago. The account has an…
A: In this question we need to compute the today's value of investment made one year ago. Basically we…
Q: Ericson deposited PhP 35,000 into his savings account that earns 4% interest. How much will he have…
A: Interest is calculated by multiplying the principal and rate by the time period.
Q: Dave deposited P4,000, P4,500 and P5,000 at the end of the 2nd year, 3rd year and 4th year,…
A: Interest rate = 0.08 Year Deposit 2 4000 3 4500 4 5000
Q: Direction: Compute the annual interest, total interest, and amount to be received or paid at the end…
A: Principal amount (P)= P25,000 Interest rate (R)= 2% Time period (T)= 8 months= 8/12= 0.67
Q: Juliana opened a savings account with $467. The savings account compounds the interest annually and…
A: Time Value of money :— According to this concept, Value of money today is greater than value of…
Step by step
Solved in 2 steps with 2 images
- 7. On April 1, Michael Reeves deposited a refund check for $240.85 in a savings account at Northern Savings and Loan Association. At the end of December the interest was computed at an annual rate of 6,%. How much simple interest did Michael's money earn? On April 1 you opened a savings account at Main Street Savings Bank with a Simple interest did your money earn? what waS VOur ew balange?2. On April 1 Kendrick opened a savings account at a bank that paid 3.55 $1,000. On April 20 he withdrew $500. On April 30 the bank calculated the daily percent interest. His initial deposit was $3,200. On April 9 he deposited another interest. a) How much simple interest did his money earn? b) How much was in the account after the bank calculated the daily interest on April 30?On May 1, Cleveland Livingston opened a savings account thatpaid 3.5% interest at Fulton Savings Bank with a deposit of $5,000.Ten days later, he deposited $2,000. Fourteen days later, he deposited$8,000. No other deposits or withdrawals were made. Six days later,the bank calculated the daily interest.a. How much simple interest did his money earn?
- 4. Peter Sarnoff deposited $1000 in a new savings account at First National Bank. He made no other deposits or withdrawals. After 6 months the interest was computed at an annual rate of 7-%. How much simple interest did Peter's money earn? 5. On June 1, Bertha Hammond deposited $545 in a savings account at Metro Sav- 6. Jasper B pany on May 7%. How much simple interest did Jasper 120ima sa O a ust.Com outed at an annual rate of3. On February 1, the balance in your account is $516.81. On July 1, you deposit $310.90. Your bank pays 6.25% interest. a. How much interest have you earned on July 1? b. What is the amount in your account on July 1? c. How much interest have you earned on November 1? d. What is the amount in your account on November 1? Some banks calculate interest on a daily basis. The daily interest is added to the account at the end of the month.1. On August 1 you opened a new savings account with a deposit of $1,400. The interest rate paid by the bank is 2.85 percent. On August 13 you withdrew $350. On the last day of the month, August 31, the bank calculated the daily interest. a) How much simple interest did you earn on your money in the month of August? b) c) How much was in your account the account after the bank calculated the daily interest on August 31? If you did not make any deposits or withdrawals in September, how much money was in your account after the bank calculated the daily interest on September 30? Continues on back side)
- On April 13, Thomas Ash deposited $2,500 in a passbook savings account at 3.5% interest compounded daily. What is the compound amount (in $) of his account on August 5?On may 1 Cleveland livingston opened a savings account that paid 3.5 percent exact interest at fulton savings bank with a deposit of 5,000. Ten days later he deposited 2,000. Fourteen days later he deposited 8,000. No other deposits or withdrawals were made. Six days later the bank calculated the daily interest.. Alec Tomita's savings account statement is shown below What is his new balance? Previous Balance S568.23 Interest Deposits Withdrawals $2.37 $562.32 S874.36 14. Rosa Izquierdo has checks for $50.00 and $35.00. She also has 2 twenty-dollar bills. She would like to receive $25.00 in cash and deposit the rest in her saving account. What is the total deposiť?? 15. Angel Garcia deposited his $750 federal income tax refund check into his savings account. The account pays 5% and he made no other deposits or withdrawals. How much is in the account after 3 months? 16. George Faust deposited $3,000 in a savings account that earns 4% compounded quarterly. He made nc other deposits or withdrawals. What is the amount in the account at the end of the second quarter?
- On October 31, Sarah Willis borrowed $5,600 from the Vestal Central Bank. She gave the bank her 90-day note for that amount. The note was dated october 31, and the exact interest rate was 12%. a-Find the date of maturity for the note. b-How much did Sarah pay to the bank on the maturity date?19 Dec. Borrowed $28,000 from the bank for personal use. The loan carried an interest rate of 6% a year and the first payment was due on 19 January. Williamson signed a note payable to the bank in the name of the business. How would this be journaled, put on an income statment, balance sheet, and cash flow statment for december 31st?A local branch of Gamestop, Inc., deposited $12,500 in a savings account on July 3 and then deposited an additional $3450 in the account on August 5. Find the balance on October 1 assuming an interest rate of 3.5% compounded daily.* $16,977.25 $10,677.25 $16,077.25 Other:
