13) A thousand dollars is left in a credit union drawing 7% compounded monthly. What is the balance at the end of 10 years? GENERAL MATHEMATICS FOR SENIOR HIGH SCHOOL amount st. It is a the bant of the turity f the 14.) S1750 is invested in an account earning 13.5% interest compounded monthly for a 2 year period. What is the balance at the end of 9 years? 15.) You lend out S5500 at 10% compounded monthly. If the debt is repaid in 18 months, what is the total owed at the time of repayment?

13) A thousand dollars is left in a credit union drawing 7% compounded monthly. What is the balance at the end of 10 years? GENERAL MATHEMATICS FOR SENIOR HIGH SCHOOL amount st. It is a the bant of the turity f the 14.) S1750 is invested in an account earning 13.5% interest compounded monthly for a 2 year period. What is the balance at the end of 9 years? 15.) You lend out S5500 at 10% compounded monthly. If the debt is repaid in 18 months, what is the total owed at the time of repayment?

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Concept explainers

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.

Question

TAM
GENERAL MATHEMATICS FOR SENIOR HIGH SCHOOL
13) A thousand dollars is left in a credit union drawing 7% compounded monthly. What
is the balance at the end of 10 years?
amount for
st. It is an
the bank
of the
iturity
f the
14.) S1750 is invested in an account earning 13.5% interest compounded monthly for a
2 year period. What is the balance at the end of 9 years?
15.) You lend out S5500 at 10% compounded monthly. If the debt is repaid in 18 months,
what is the total owed at the time of repayment?
these val

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You plan to withdraw the amounts given below over the next five years from a savings account that earns 9% interest compounded annually, how much do you need to deposit now? End of Year 1 $0.00 Year 2 $24,000.00, Year 3 $14,000.00 Year 4 $26,000.00 Year 5 $42,000.00
You put $10,000 in an account earning 5%. After 4 years, you make another deposit into the same account. Four years later (that is, 8 years after your original $10,000 deposit), the account balance is $22,000. What was the amount of the deposit at the end of year 4?
GENERAL MATHEMATICS FOR SENIOR HIGH SCHOOL 16) A S10, 000 Treasury Bill earned 16% compounded monthly, If the bill matured in 2 years, what was it worth at maturity? m - 12 P- S ID, amou st. It the of atur of th 17) You borrow S25000 at 12.25% interest compounded monthly. If you are unable to make any payments the first year, how much do you owe, excluding penalties? 18.) A savings institution advertises 7% annual interest, compounded daily, How much more interest would you earn over the bank savings account or credit union in problems 7 and 8?
You put 250.00 in a bank for 5 years at 12%. If intrest is added at the end of the year, what is the balance at the end of the 5th year?
You deposit $175,000 in a savings account. The APR (Annual Percentage Rate) is 6%. Calculate the following: A) Assuming that the interest is compounded once a year, what is the amount accumulated after ten years? Is the answer to this 313,398.35? or is it possibly $318,311.03? The TA for my class and the teacher have taught this in two separate ways and I am getting different answers based ont the 2 methods.
= A bank features a savings account that has an annual percentage rate of r interest compounded quarterly. Tatiana deposits $9,000 into the account. The account balance can be modeled by the exponential formula A(t) = a (1 + 7-)kt, where A is account value after t years, a is the principal (starting amount), r is the annual percentage rate, k is the number of times each year that the interest is compounded. (A) What values should be used for a, r, and k? a = r = 5.6% with k = (B) How much money will Tatiana have in the account in 7 years? Answer = $ 7. Round answer to the nearest penny. APY = = %. Round answer to 3 decimal places. (C) What is the annual percentage yield (APY) for the savings account? (The APY is the actual or effective annual percentage rate which includes all compounding in the year).
You invest $6,600 into a savings account at Mountain America Credit Union which pays 1.8% annual interest compounded quarterly. How much interest will you earn after 3 years? $89.50 $365.35 $6,689.50 $6,965.35
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