6. You deposit $2100 in a savings account paying 5.5% simple interest. The solution to this problem is not accomplished by an excel formula. Use the formula I = PRT where T is in years a) How much interest will you earn in 18 months? b) How much will be in your account at the end of 18 months?
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a) How much interest will you earn in 18 months?
b) How much will be in your account at the end of 18 months?
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- You put $600 in the bank for 3 years at 15%. A. If Interest Is added at the end of the year, how much will you have in the bank after one year? Calculate the amount you will have in the bank at the end of year two and continue to calculate all the way to the end of the third year. B. Use the future value of $1 table In Appendix B and verify that your answer is correct.PLEASE don't use excel for this. Show the solution with formula needed. SIMPLE INTEREST 1. You owe P120,000.00 from a friend that promise to pay 6% simple interest. How much will you pay at the end of 9 months? How about at the end of 1 year and 6 months? COMPOUND INTEREST 1. If the sum of P12,000.00 is deposited in an account earning interest rate of 9% compounded quarterly, what will it become after 1 year? And what is the effective rate? 2. An investment of P3,000,000.00 earns interest of 9% compounded continuously. What is the effective rate of interest?4. How much should you deposit in an account so that you can withdraw $5300 every year for the next 18 years. Interest rate is 6%. Please do not use excel. Also, include cashflow diagram if possible.
- You plan to deposit $700 in a bank account now and $200 at the end of one year. If the account earns 3% interest per year, what will the balance be in the account right after you make the second deposit? There will be $ in the account right after the second deposit. (Type an integer or a decimal.) w an example .... Get more help. Save Clear all InS You deposit $1,200 in your bank account. a. If the bank pays 5% simple interest, how much will you accumulate in your account after 8 years? Future value Saved b. How much will you accumulate if the bank pays compound interest? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. Future value M Question 7How much would you have in your savings account if you put $1,902 in an account today that pays 8% for 7 years? For this problem, use the mathematical formula to find the answer and show all of your work (Do not round intermediate calculations. Round your answer to 2 decimal places.)
- 4. Consider a credit card with a balance of $7000. You wish to pay off the credit card, which has an APR of 17.99%, within 1 year. Calculate the following. Round your answer to the nearest cent, if necessary. a. Find the number of months you will need to pay the credit card if you pay $585 per month. b. Will you meet your goal and have the credit card paid in one year?Please indicate what you entered into your calculator to solve these problems. 1. You graduated with $28,000 in school loans. You will make annual payments of $4,000 at the beginning of each year for the next 10 years. What annual rate of interest are you being charged on your school loans? 2. You bought equipment for $23,000 and agreed to make monthly payments at the end of each quarter for 5 years. Assuming you are being charged 9% interest compounded QUARTERLY, how much will your QUARTERLY payments be? 3. You currently have $750,000 in your building fund. If you start depositing an additional $20,000 per year into this account at the beginning of each year, how much will be in the account after 6 years assuming 5.5% interest compounded annually? 4. You want to start saving for a new car and have decided to put S$90 per month at the beginning of each month into an account which earns 6% compounded monthly. You would like to be able to buy a car for $25,000. (a) How many deposits will…please correctly solve.and not use of excel not use excel. Q)You have $3,500 on a credit card that charges a 19% interest rate. If you want to pay off the credit card in 4 years, how much will you need to pay each month (assuming you don't charge anything new to the card)?
- 2. Suppose you have a bank account into which you make $100 deposits each month. You find a bank account paying r 100% (r is a decimal rate) per month. You would like to save up for a $2,000 car down payment, which you would like to have in 15 months. What must the bank account pay in order for this to be accomplished?If you deposit money today in an account that pays 10.7 percent annual interest, how long will it take to double your money? a. 6.82 years b. 9.35 years c. 10.70 years d. 2.73 years e. The answer cannot be calculated without knowing how much money is initially deposited.You would like to put some money into an account so that you will have $6000 in the account 13 years from now. If the account earns 3.5% interest per year, compounded quarterly, how much should you invest now in order to reach your goal? Give the answer correctly to 2 decimal places. dollars Do NOT use the dollar sign in the answer box. ns