A businessman needs to have P200,000 in eight years. How much(P) must he put into his 18% savings account in the bank? A bank is always use compound interest.
Q: Find the nominal interest compounded quarterly equivalent to 12.00% effective interest?
A: Effective annual interest rate is rate that is regarded as the real return on a loan or savings for…
Q: You deposit $3,000 at the end of the year (k= 0) into an account that pays interest at a rate of 7%…
A: Given:- Deposits=$3000 1st year effective rate=7% To calculate:- Money in saving account 15 years=?…
Q: Tamara Massey received $1,500,000 from an insurance company after her husband's death. She wants to…
A: Interest rate per month can be calculated as follows: Thus, the interest rate is 0.67%
Q: A man bought an equipment costing P60,000 payable in 12 quarterly payments each installment payable…
A: Quarterly compounding refers to the amount of interest earned on a quarterly basis on an account or…
Q: What is the effective interest rate per month if the interest rate is 9% compounded continuously?
A: The effective interest rate refers to the rate of interest that paid on an investment after to take…
Q: What is the future worth of P600 deposited at the end of every quarter for 4 years if the interest…
A:
Q: company must pay a $308, 000 settlement in 3 years. What amount must be deposited now at 8%…
A: Here, we calculate the given as follow;
Q: What is the accumulate value of a payment of P12,500.00 at the end of each year for 9 years with…
A: Future Value is defined as the value of a current asset at given point of time in the future. Future…
Q: If an investor invests a sum of $ 100 in a fixed deposit for five years with an interest rate of 15%…
A: Given the invested a amount = $100 Time period = 5 years Interest rate = 15%
Q: One invested $10,000 five years ago. The first three years, the investment earned 12% compounded…
A: here we calculate the amount of money accumulated in five years as follow;
Q: An employee obtained a loan of P10,000 at the rate of 6% compounded annually in order to repair a…
A: Given, Loan amount (PV) :P10,000Interest rate : 6% Monthly Interest rate (r) =[1+0.06]1/12-1…
Q: At what rate of interest, compounded annually will an investment triple itself in 8 years?
A:
Q: A mortgage of 190000 is required to purchase a house. The mortgage will be repaid with equal monthly…
A: The mortage amount (present value) = $190000 Total intallment period (n) = 25 years x 12 Months =…
Q: 18.b
A:
Q: Example: Imagine you deposit 2000 TL at a monthly compounding rate of 6% for the first 2 years, and…
A: The measure that depicts the value of an investment that is being made in present on a specific date…
Q: An investor needs 41,000 in 15 years. What amount should be deposited in a fund at the end of each…
A: Fund: It refers to the amount of that is deposited by people at various places that provides them…
Q: Alfred desired 9,000 as the proceeds of a 90-day loan from B who charges 5% interest in advance.…
A: Given, Loan amount = 9,000 Time = 90 days Interest rate = 5%
Q: You deposit $2000 in an account earning 8% interest compounded continuously. How much will you have…
A: When you earn compound interest, you earn interest on both the money you've saved and the money…
Q: An amount F is accumulated by investing a single amount P for n compounding periods with interest…
A: INTRODUCTION What is COMPOUND INTEREST Compound interest (or compounding interest) is calculated at…
Q: How long will it take money to quadruple itself if invested at 13% compounded annually?
A: Money quadruples meaning current value becomes four time in n years.
Q: 19. Each year a single payment of P5000 is deposited in an account that earns 16% compounded…
A:
Q: A present loan of P12,000 is to repaid by equal payments every 6 months over the next 8 years. If…
A: *Present value of the loan = P12000 *Loan payment semi-annually *Time = 8 years Interest rate = 7%
Q: You owe $120,000 from your ex-girlfriend and promise to pay 6% simple interest. How much will you…
A: Given, principal = $120,000 Interest = 6% Time = 1 year 6 months = 18 months Simple interest =…
Q: ach year a single payment of ₱1,766.00 is deposited in an account that earns 6% compounded…
A: Compound interest is the interest on a loan or deposit calculated supported each the initial…
Q: John borrows $10,000 at 18% compounded annually. He pays off the loan over a 5-year period with…
A: The loan amount is $10,000, the interest rate is 18%, and the time period is 5 year. Let us consider…
Q: On July 1 and September 1, Abby placed $2000 into an account paying 3% compounded monthly. How much…
A: The bank pays out interest rates on deposits to incentivise retail investors to lend them money in…
Q: .How long it take money to quadruple if it earns 3% compounded daily 16636 days 16637 days 16867…
A: Let the initial amount is x. It will become 4x in n days. Rate of interest is 3% compounded daily.…
Q: Lisa has a bank loan for $50,000 to pay for her apartment loan. This loan is to be repaid in equal…
A: Monthly compound interest-it means that the interest is added back to the principle each month.…
Q: It is known that the total interest paid over a 5- year period is $4,200. What was the principal…
A: In case of compound interest, amount at the end of the year is compounded and not the initial…
Q: If an investor invests a sum of $100 in a fixed deposit for five years with an interest rate of 15%…
A: Given the information: Amount invested in fixed deposit = $100 Time period for investment = 5 years…
Q: Determine the effective interest rate for the following cases a.10% compounded weekly b.10%…
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three…
Q: Accumulate P3, 000 for 9 years at 6% compounded quarterly? What is the compound interest earned?
A: P = P3,000 n= 4 (because it is compounded quarterly) t = 9 r = 6% = 0.06 A = P(1+r/n)nt = 3000 x…
Q: John borrows $10,000 at 18% compounded annually. He pays off the loan over a 5-year period with…
A: A loan helps an individual to borrow and spend on his/her current needs. However, an interest rate…
Q: Rashed wants to make his investment triple its value at the end of twelve (12) years’ time. What…
A: We need to assume some terms such as interest rate , principle amount and then nee dto calculate the…
Q: Identify the number of times interest calculated in a year if the interest is compounded every three…
A: when the interest rate is compounded every 3 months then it has to be calculated for 4 times in a…
Q: Lia wishes to have $3000 after 3 years in an account that draws 6% nominal interest compounded…
A: In this question we have to find out the principal value with the help of the above information.
Q: Find the amount of ordinary annuity of P 65,000.00 every three months for 5 years if money is worth…
A: Amount = 65000 every quarter Time = 5 years Interest rate = 10 % compounded quarterly Quarterly…
Q: 20. Each year a single payment of P1766 is deposited in an account that earns 6% compounded…
A:
Q: What uniform annual amount should be deposited each year in order to accumulate 1,000,000 at the end…
A:
Q: the desired accumulated amount is $70,000 after 14 years invested in an account with 2% interest…
A:
Q: The compound interest on a certain sum of money for 2 years is $ 52.00 and the simple interest for…
A: GIVEN Simple Interest for two years is 50P×T×R / 100 = SimpleInterest P×2×R = 50
Q: What is the effective annual interest rate if the nominal interest rate is 6%, compounded monthly?
A: To calculate the effective annual interest rate if the nominal interest rate is given as 6%…
Q: Ken wants to remodel his basement and he wants to pay back no more than $15,000. If he gets a low…
A: Compound interest is the interest on a loan or deposit calculated on both the initial principal and…
Q: If the interest rate is 6% compounded quarterly, how long (number of quarters) will it take to earn…
A: The interest income on any instruments such as bank deposits and bonds is the amount received over…
Q: How long will an account invested at 11.5% compounded yearly be tripled?
A:
Q: A total of $50,000 is borrowed and repaid with 60 monthly payments, with the first payment occurring…
A: Given: The total amount borrowed = $50,000 The amount repaid with = 60 monthly payments The first…
Q: A series of equal quarterly payments of $5,000 for 10 years is equivalent to what present amount at…
A: Given values in the questions: Payment made quaterly = $5000 The time period for which the payment…
Q: Calculate the amount of money that must be deposited today in a savings account that pays 15% annual…
A:
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- You want to buy a $32,000 car. You can finance the car for 1.5% interest for 6 years. What is your monthly payment? Assume monthly compounding. Do not enter the negative sign from your calculator (if there is one) or the dollar sign. Round to two decimal places.At 10% compounded annually, how long will it take for money to double itself?If you borrowed $24,000 at 12% annual interest. You agreed to repay the loan with five equal annual payments. How much of the total amount repaid is interest? How much of the third annual payment is interest, and how much principal is there? If you decided to pay off your loan after the third payment, how much will you pay?
- Joe just completed his engineering degree and started to work for an engineering firm. Joe wants to retire early after 30 years working. He plans to invest $5,000 at the end of every year for a 30-year career. If Joe needs $3,954,750 in savings at retirement, what interest rate must the investment earn?How long it take money to triple if it earns 6% compounded continuouslyThe united Bank advertises 9.5% account that yields 9.84% annually. Find how often the interest is compounded. Select one: a. Annually b. Bimonthly c. Quarterly d. Monthly
- Dan is considering borrowing $500,000 to purchase a new condo. Based on that information, answer the following questions. Show all work. Calculate the monthly payment needed to amortize an 8% fixed-rate 30-year mortgage loan. Calculate the monthly amortization payment if the loan in (a.) was for 15 years instead.You can afford a $1500 per month mortgage payment. You've found a 30 year loan at 7% interest compounded monthly.a) How big of a loan can you afford?$b) How much total money will you pay the loan company?$c) How much of that money is interest?$To have a total of $10,000 after 8 years, what principal do you have to deposit in a 4.5 percent saving account compounded monthly?
- You deposit $200 each month into an account earning 5% interest compounded monthly. a) How much will you have in the account in 15 years? $ b) How much total money will you put into the account? $ c) How much total interest will you earn? $Today you deposited $10,000 in a savings account paying 7% annual interest. How much should you have at the end of five years?How long will an account invested at 11.5% compounded yearly be tripled?