3. A service car whose car price was P540,000 was bought with a down payment of P162,000 and monthly installments of P10,847.29 for 5 years. What was the rate of interest if compounded monthly?

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 will deposit 11.922 at 10% compound interest for 6 years, and then move the amount you would…

A: Let's divide this question into two continuous plans 1st plan with a 10% compound interest rate, 2nd…

Q: How much must I invest today (September 21, 2022) to have P170,000 on January 4, 2024 at 2%…

A: Months between : 21 Sept 2022   To    4 Jan 2024  => 15 months 14 days  = 15.5 months approx…

Q: You deposit $10,000 in a fund that pays compound annual interest equal to 3%. One year later the…

A: The nominal rate of interest which depicts the time value of money can be any declared interest…

Q: If I loaned 167,569 today and promised to pay it back after 5 years to the bank with monthly…

A:

Q: 6. Find the future value of RM10,000 which was invested for (a) 3 years at 6% compounded annually.…

A: ITEM 6To find the future value of the investments given the different compounding periods, we can…

Q: Please show work

A: According to the question, an investment of $2,000 has made for 20 years at 8% per year. The amount…

Q: Find the present worth of a future payment of 100,000 to be made in 10 years with an interest of 12%…

A: To solve above question we firstly simplify the interest rates as per their compounding periods by…

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: While planning for his retirement, Alishan purchased an annuity that paid him $3200 every year for…

A: Annuity" refers to an insurance contract issued and distributed by financial institutions with the…

Q: You are saving for the down payment on a house, so you put $1,000 in an account every 6 months. If…

A: An interest rate is charged on the borrowing money of consumers. It is charged by the lender of the…

Q: MARIE PURCHASED A LOT AND AGREED TO PAY $1,600 A MONTH FOR 15 YEARS. IF MONEY IS WORTH 9% COMPOUNDED…

A: According to the given question:- Future value of the amount will be = R[(1+i)^n -1]/1 R = Regular…

Q: A student obtains a loan to pay one year of college tuition, which costs $18,000 with 6% which he…

A: Given, Cost- $18000 ROI- 6%

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: a) An individual deposits $8,000 semiannually every six months into a savings account. How much does…

A: the nominal interest rate or nominal rate of interest is either of two distinct things: the rate of…

Q: If P5,000 is invested for 10 years with an interest rate of 8%, compounded quarterly, what will the…

A:

Q: Supposed you borrowed some money from a friend two hundred and seventy-five days ago at a simple…

A: n = 275 Interest = 12% Amount = 25,000 Assuming total days in years  = 365

Q: If P10,000 is deposited each year for 9 years, how much annuity can a person get semi-annually from…

A: In this question:- P10,000 is deposited each year time=9 years  Cost of money is 14% compounded…

Q: A man invested in a bank so that his daughter would receive P200,000 ten years form now. How much…

A: With the help formula solve this

Q: 4. What is the eauivalent rate of 12% compounded semi-annually to compounded quarterly?

A: Given  interest rate i =12% compounded semi-annually.  Effective interest rate formula r=1+inn-1…

Q: Solve the problem. The average cost of a 4-year college education is projected to be $120,000 in 17…

A: Future Value (FV) = $120,000Annual Interest Rate (r) = 9% or 0.09Compounding Frequency (n) = 4 times…

Q: A department store has offered you a credit card that charges interest at 1.53% per month,…

A: Nominal interest rate and the effective annual rate are calculated as follows:-

Q: What is the amount of 8 equal annual deposits that can provide seven annual withdrawals, when a…

A: The investments will be made by people to get certain amount of return as benefits in future.The…

Q: What is the accumulated amount of P 5 000 after 10 years that is at 8% compounded bi monthly?

A:

Q: 5) You want to have $2 million 40 years from now. How much must you deposit each year (starting at…

A: Each sum is communicated in the worth of the cash at that specific time, alluded to as future…

Q: An employee wants to retire and receive P5000 a month. She wants to pass this monthly payment to…

A: Given, Monthly payments = P 5,000   Interest rate = 8% compounded annually

Q: How much do you need to deposit in an account today in order to have $11,000 in the account in 6…

A: Every commercial bank decides its Annual Percentage Rate (APR) range based on the interest rate set…

Q: Find the present value of deferred annuity of P 900 every 3 months for 5 years that is deferred 3…

A: Given Information A = 900i = 10% compounded Quarterly = 10/4 = 2.5% or 0.025n = 5*4 = 20 Deferred…

Q: How long in years will it take money to quadruple if it earns 7.5% compounded semi-annually?

A: Present Value (PV) = P  Future Value (FV) = 4 times PV (quadruple) = 4P Interest rate compounded…

Q: When a consumer purchases an item on credit at a luxury store, she pays an effective interest rate…

A: Effective interest rate is the real or actual yield of any investment which the investor earns…

Q: Determine the amount of money accumulated in 5 years with an initial deposit of $10,000, if the…

A: If the interest is 12% compounded monthly, then the interest rate can be calculated as follows:…

Q: Mr Chen wants to get a lumpsum of 3.5 million pesos when he retires at the end of 20 years. How much…

A: Given, Amount- 3.5 m or  3500000 Time- 20 years Interest 12%

Q: Determining the Present Value for a Decreasing Annuity How much money must you deposit now at 6%…

A: Given the annuity amount = $3000 Interest rate = 6% Quarterly interest rate = 6% / 4 = 1.5%…

Q: A man expects to receive P20,000.00 in 8 years. How much is that money worth now considering…

A: The future worth formula is FV=PV(1+i)n , here the PV rises for every period into the future by a…

Q: You have $25,000 in an account that pays 6% interest compounded annually. You want to make equal…

A: Deposit in Year 1 = $25000Annually compounded interest rate = 6%Duration = 8 years

Q: Jamie saves P4000 every three months in a bank that pays 0.85 compounded monthly. How much will be…

A: Given: The principal amount is = P4,000 The interest rate is = 0.85% compounded monthly Time period…

Q: Pedro, who deposited P500,000.00 today with a financial Institution M, agreed with the latter that…

A: To find the future worth after 14 months firstly we need to find monthly compounding interest rate .…

Q: You are planning to withdraw $1500 at the end of year 4, $2000 at the end of year 6, and $2500 at…

A: Given: Year Cash flow in the year 4 1500 6 2000 8 2500 Interest rate i =10% We have to…

Q: A series of equal semi-annual payments of $1611 for 4 years is equivalent to what present amount at…

A: Compound interest refers to a type of interest that is accumulate on both the principal amount as…

Q: A debt is amortized for 4 years by a series of payments that decreases annually by P 500, the first…

A: Initial Payment = 5,000 Interest rate= 5% Decreases by 500 every year n = 4 years

Q: If $2000 is invested at 7% interest compounded continuously, calculate its value after 3 years

A: Given the invested amount = $2000 Interest rate = 7% Time period = 3 years

Q: A man bought an equipment costing P125,000 payable in 12 quarterly payments. Each installment is…

A: Given: Cost of equipment=P125000 Number of quarterly payment=12 Rate of interest=14% To find: Amount…

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…