4. When Armando became a new father, he decided to put up a fund by depositingP12,000.00 at the end of every 6 months in a bank paying interest at 5% compoundedsemi-annually. When the 32nd payment was made, he thought there would be enoughin his account for his child's college education, he stopped depositing. By this time, theuniversity of his choice is charging P63,000.00 per semester for tuition and other fees.For how many semesters in college would his fund pay?

Given information: P12,000.00=The amount of the semi-annual installment5%=compunded interest being…

Answered: 4. When Armando became a new father, he…

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

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Similar questions

ABC inc,was created by 3 friends after graduating from NBCC business administration program.the business was started with loan from their parents. For the first five years, the loan charged interest at 7.22% compounded quarterly, however, no payments were required. During the subsequent 15 years, they made payments of $1250 monthly. At this point the rate was increased to 9.37% compounded quarterly. How much did the friends borrow from the parents? What was the total interest paid on this loan? prepare details time line
elena's son enter college 16 year from now. At the time she would like to have $20,000 available for college expenses. For that pur,her bank will set up an account that pay 7% compounded. If she makes payment into the account at the end of each quarter, what must Elena's payments to be achieve her goal
you are going to receive 40 two years from today. if annual discount rate is 10 oercent what is the value of 40 today if you compound semiannualy
As a fringe benefit for the past 8 years, Colin's employer has contributed $50 at the end of each month into an employee retirement account for Colin that pays interest at the rate of 8%/year compounded monthly. Colin has also contributed $2,000 at the end of each of the last 4 years into an IRA that pays interest at the rate of 10%/year compounded yearly. How much does Colin have in his retirement fund at this time?
Karim Soltan is shopping for a new vehicle, and has noticed that many vehicle manu-facturers are offering special deals to sell off the current year’s vehicles before the new models arrive. Karim’s local Ford dealership is advertising 3.9% financing for a full 48 months (i.e., 3.9% compounded monthly) or up to $4000 cash back on selected vehicles. The vehicle that Karim wants to purchase costs $24 600 including taxes, delivery, licence, and dealer preparation. This vehicle qualifies for $1800 cash back if Karim pays cash for the vehicle. Karim has a good credit rating and knows that he could arrange a vehicle loan at his bank for the full price of any vehicle he chooses. His other option is to take the dealer financing offered at 3.9% for 48 months. Karim wants to know which option requires the lower monthly payment. He knows he can use annuity formulas to calculate the monthly payment.QUESTIONS Suppose Karim buys the vehicle on July 1. What monthly payment must Karim make if he…
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