You borrow $28746 at 12.25 % interest compounded monthly. If you are unable to make any payments for 9 years, how much do you owe at the end of 9 years? No rounding off to interest rate and round off your final answer to 2 decimal places.
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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.You borrow $ 29429 at 12.25 % interest compounded monthly. If you are unable to make any payments for 8 years, how much do you owe at the end of 8 years? No rounding off to interest rate and round off your final answer to 2 decimal places. Round your answer to 2 decimal places.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 yearsa) How much interest will you earn in 18 months? b) How much will be in your account at the end of 18 months?
- You make a one time 2000 deposit into an account which pays an annual interest rate of 1.7 compounded weekly. If you do not touch the account for 4 years what will be the final balance?A person borrows $390 that he must repay in a lump sum no more than 10 years from now. The interest rate is 9.9% annually compounded. The borrower can repay the loan at the end of the any earlier year with no prepayment penalty. What amount will be due if the borrower repays the loan after 1 year? How much would the borrower have to repay after 4 years? What amount is due at the end of the tenth year?Assume that you have a balance of $4900 on your Discover credit card and you make no more charges. Assume that Discover charges 23% APR and that each month you make only the minimum payment of 2.1% of the balance. What will the balance be after 10 years?
- You plan to deposit $4,900 at the end of each of the next 15 years into an account paying 11.3 percent interest. a. How much will you have in your account if you make deposits for 15 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. How much will you have if you make deposits for 30 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)If you borrow $2,900 and agree to repay the loan in six equal annual payments at an interest rate of 11%, what will your payment be? (Do not round intermediate calculations. Round your answer to 2 decimal places.) b. What will your payment be if you make the first payment on the loan immediately instead of at the end of the first year? (Do not round intermediate calculations. Round your answer to 2 decimal places.)Mr. Bean wants to borrow $9,500 for three years. The interest rate is 5.0% compounded monthly. a. What quarterly payments are required on the loan? (Do not round intermediate calculations and round your final answer to 2 decimal places.) PMT $277.56 b. What will be the balance owed on the loan at the start of the third year? (Round PMT calculation to 2 decimal places. Do not round other intermediate calculations and round your final answer to 2 decimal places.) Balance owed 7,136.76
- Mr. Bean wants to borrow $8,200 for three years. The Interest rate Is 5.5% compounded monthly. a. What quarterly payments are required on the loan? (Do not round intermediate calculations and round your final answer to 2 decimal places.) PMT $ b. What will be the balance owed on the loan at the start of the third year? (Round PMT calculation to 2 decimal places. Do not rou other intermediate calculations and round your final answer to 2 decimal places.) Balance owedYou plan to deposit $5,500 at the end of each of the next 15 years into an account paying 11.3 percent interest. a. How much money will you have in the account in 15 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. How much will you have if you make deposits for 30 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) a. Future value of 15 deposits b. Future value of 30 depositsAssume that you have a balance of $4600 on your Discover credit card and that you make no more charges. Assume that Discover charges 26% APR and that each month you make only the minimum payment of 2.3% of the balance. What will the balance be after 10 years? Enter your answer rounded to the nearest cent. balance after 10 years: $