2040 1832 2872 Sue maintains an average monthly balance on her credit card of about $1340. Her credit company charges 18% annual interest rate, which is billed at the rate of 1.5% per month. How much is she spending on credit card interest per year?

Q: An individual wants to deposit $112,100 into two investment accounts. One account pays 66% annual…

A: Note: Assuming, the question has repeated rate of return displayed, hence taking 6% and 15%, other…

Q: What else would be added to his monthly mortgage payment?

A: A monthly mortgage payment is what we pay to the lender, to repay our loan each month. it is made up…

Q: What Percentage of down- payment do you have to give to the bank when buying a mortgage

A: Down Payment : It is the Initial lump sum amount which the borrower pay before sanction of loan.…

Q: If you had $5k to put into your IRA for this year, what investments would you put your IRA in?…

A: Future is uncertain and income will stop after some time, but some amount will be required to meet…

Q: How do banks calculate the monthly payment on a loan?

A: Present value annuity formula is used to calculate the monthly payment on a loan. Here, The loan…

Q: Your grandmother doubled her money in fifteen years. What was the annual interest rate?

A: Interest rate: It is the rate on the loan that the lender receives from borrower on the principal…

Q: Based on the rule of 72, what per annum interest rate must a person earn on their savings to double…

A: Time for investment to double = 13 years  Per annum interest rate = ?   Rule of 72 is the rule to…

Q: How much should Mr. Sy invest on a bank that offers 10% interest so that he would earn ₱1,000 each…

A: Present Value refers to the value of cash flows today which is to be received at some future time…

Q: How many years does it take to build a good credit?

A: Good credit is referred to as the sorting of the credit history of an individual. It represents that…

Q: Rachel Johnson has net monthly income of $3,325. She has a monthly auto loan payment of $385, a…

A: Debt-payments-to-income-ratio refers to the measurement of the ability of the company for repaying…

Q: Consuelo pays into an ordinary annuity for 40 years. a. If the annuity earns 5.4% yearly interest…

A: The present value of an annuity is the current value of a series of future payments or receipts,…

Q: What is the difference between an ordinary annuity and an annuity due? If you were to save money in…

A: An annuity is a series of payments at a fixed interval of time. There are two types of annuities…

Q: Chris and Karen have a combined take-home income of $5,000. Their total monthly payments on consumer…

A: Debt safety ratio is a ratio that is often used by banks, financial institutions etc. to assess the…

Q: 6. Suppose that Avery gets a credit card in November, 2023. She spends $4,300 every month on the…

A: Understanding the Opportunity Cost: Using Credit Card vs. CashThe Concept By using a credit card and…

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A: For one year of spending $100 every other Saturday, the total number of charges would be:Number of…

Q: Assume that Louisa carried an average balance of $1,000 from her credit card purchases over the past…

A: Interest charges are the amount of cost and charges paid for the amount borrowed either for personal…

Q: 12. Ted has an adjusted gross income of $120,006. He wants a house with a monthly mortgage payment…

A: The formula of Front-end & Back-end Ratio: Back-end Ratio: Front-end Ratio:

Q: Am. 111.

A: We can solve this using Present value of perpetuityPresent value of perpetuity is = Payment in each…

Q: types of accounts are available

A: Checking Account: Checking accounts are opened with the financial institutions and they provide max…

Q: How much in Social Security taxes should be deducted from Laruen E's check? *round to the nearest…

A: Social security taxes are the taxes, which are collected from the employees and employers by…

Q: Meghan purchases a retirement annuity that will pay her $1,000 at the end of every six months for…

A: Here, Annuity Payment for first nine years $   1,000.00Compounding period of first nine year…

Q: hat happens to the interest if I pay more than my payment amount on a car or home loan? What happens…

A: The loans are paid by equal monthly payments that carry the payment for interest and payment for…

Q: Suppose Miss Roxanne Davenport is 25 years old right now and puts away $1,800 per quarter in an…

A: given, rate (r) = 6% quaterly payment (A) =$1800 frequency of compounding (m) = 4 age = 25

Q: Jamie earned $14 in interest on her savings account last year. She has decided to leave the $14 in…

A: This is because Jamie's $14 in interest from last year will be added to the principal balance of her…

Q: what will be the loan factor?

A: Loan factor can be defined as the present value factor of loan amortization. Loan factor is given by…

Q: How much payment Z should he make on the exact time after the last regular payment has been made to…

A: We have to find the payment Z to be made on the exact time after the last regular payment has been…

Q: Diana Wade is evaluating her debt safety ratio. Her monthly take-home pay is $3,320. Each month, she…

A: Monthly take-home pay = $3,320 Auto loan = $380 Personal Credit = $120 Department Store Charge = $60…

Q: Cassidy has recently begun keeping her spending under control, but she still cannot fully pay off…

A: For calculating annual interest charged per year , firstly we will calculate monthly interest…

Q: If you were given a choice of investing in an account that paid quarterly interest and one that paid…

A: Effective annual rate is the actual rate an investment generates after taking all the compounding…

Q: Mary uses her credit card frequently. Which of the following is the best strategy to minimize the…

A: Credit cards are issued by banks for people holding accounts with the bank. A credit card allows the…

Q: Accounting Ordinary annuities assume that the first payment is made at the end of each year. In a…

A: Ordinary annuities refers to the series of equal amounted payments which are made at the end of…

Q: If you are an investor, you will put a sum amount in a bank account and will keep on adding that…

A: Financial planning is an process of planning of your  Short term and long term financing goals.…

Q: Explain how Social Security benefits are calculated and how much you need to work each quarter to be…

A: Social Security benefits in the United States are calculated based on your lifetime earnings and the…

Q: Dean Rapaccioli is indifferent between $1,000 today and $1,360 four years from now.  What is the…

A: Indifferent rate of interest is the rate that make future value to be present value. In other words,…

Q: Juanita has good credit and gets the lowest interest rate possible for her credit card. She has a…

A: periodic interest rates are fundamental in financial transactions, influencing both borrowing costs…

Q: You decided to purchase a new appliance by borrowing $1,500 using Home Credit Product Loan which…

A: Loan is a value which is borrowed from external sources for a certain period. This amount is repaid…

Q: In order to calculate a person’s savings ratio, the amount saved each month is divided by net…

A: The answer is in the explanation.Explanation:The statement is true and explains a standard savings…