Time Value of Money Personal Finance Application

Time to repay installment loan  Personal Finance Problem      Mia Salto wishes to determine how long it will take to repay a $17,000 loan given that the lender requires her to make annual end-of-year installment payments of $2,745.   a.  If the interest rate on the loan is 12%, how long will it take for her to repay the loan fully?   b.  How long will it take if the interest rate is 9%?   c.  How long will it take if she has to pay 15% annual interest?   d. Reviewing your answers in parts a, b, and c, describe the general relationship between the interest rate and the amount of time it will take Mia to repay the loan fully.

Time to repay installment loan Personal Finance Problem Mia Salto wishes to determine how long it will take to repay a $18,000 loan given that the lender requires her to make annual end-of-year installment payments of $3,379. a. If the interest rate on the loan is 14%, how long will it take for her to repay the loan fully? b. How long will it take if the interest rate is 11%? c. How long will it take if she has to pay 18% annual interest? d. Reviewing your answers in parts a, b, and c, describe the general relationship between the interest rate and the amount of time it will take Mia to repay the loan fully. a. If Mia can borrow at an annual interest rate of 14%, the amount of time it will take for her to repay the loan fully is years. (Round to two decimal places.) C

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Problem Set for Credit Card Debt MATH 113: Section 9.4a Page 2 of 2 3. Rachel is purchasing a new camera that costs $3800 for her photography business. Rachel uses a credit card that has an APR of 16.99%. a. How long will it take her to pay off the camera if she makes monthly payments of $75? b. How much will she pay in the long run for the camera if she makes monthly payments of$75?

Question 9 Assume that Sean and Catherine only pay the minimum payment on Credit Card #2 (balance $6,500). The minimum balance is 3% of the total balance. What is their minimum monthly payment? $195 Question 10 Using the BankRate calculator and the minimum payment you calculated above, if Sean and Catherine pay the minimum payment plus an additional $25, how many months would it take them to pay off their credit card loan based on a 15.9% APR?

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General accounting question please solve

MATTILMATICAL ASSOCIATION OF AMERICA ple and Compound Interest / 12 Previous Problem Problem List Next Problem HW 20 Simple and Compound Interest: Problem 12 (2 points) In 6 months, Alex will need $1,530.00 to pay her college tuition. How much does she need to invest today into an account earning an an interest rate of 6.392% compounded monthly, so that she has enough money to pay her tuition? The amount Alex needs to invest is (Note: Your answers should include a dollar sign and be accurate to two decimal places) Preview My Answers Submit Answers You have attempted this problem 0 times. You have unlimited attempts remaining. Page generated at 05/04/2024 at 02:42pm EDT WeBWorK 1896-2022 theme: math4-green | ww.version: 2.171pgersion 2.17 The WaßWork Project

Consider a credit card with a balance of $7000. You wish to pay off the credit card in each scenario. Calculate the following. Round your answer to the nearest cent, if necessary.a. The amount of a monthly payment within the time frame givenb. The total amount paid over the time period12. APR of 17.99% paid off within 1 year APR of 24% paid off within 3 years

Suppose you want to have $700,000 for retirement in 20 years. Your account earns 7% interest. a) How much would you need to deposit in the account each month? b) How much interest will you earn? S Question Help: Video Submit Question Q Search hp H

You lend a friend ​$10,000​, for which your friend will repay you ​$27,027 at the end of 5 years. What interest rate are you charging your​ "friend"?       Question content area bottom Part 1 The interest rate you are charging your friend on the loan is enter your response here​%.

General Accounting

Question Help ▼ You plan to deposit $800 in a bank account now and $500 at the end of the year. If the account earns 3% interest per year, what will be the balance in the account right after you make the second deposit? The balance in the account right after you make the second deposit will be $ (Round to the nearest dollar.) Enter your answer in the answer box.

Savings Plan Suppose you deposit $450 monthly into an account for seventeen years. The account has an APR of 4.2% compounded monthly. a. Find the ending balance (after 17 years). Answer: $ _____________ b. How much of the ending balance is money you deposited? (HINT: Find the total deposits.) Answer: $ _____________ c. How much of the ending balance is interest? (Use your rounded answer to part a.) Answer: $ _____________

Find the monthly house payments necessary to amortize the following loan. Then calculate the total payments and the total amount of interest paid. $197,000 at 7.02% for 15 years Question content area bottom Part 1 The monthly payments are $enter your response here.