6. Ling borrowed $1500 for her university expenses. She plans to pay back the amount owed after 6 years. Which plan should she choose? How much money will she save with the better plan? Plan A: 3.8% per year, compounded quarterly Plan B: 3.6% per year, compounded monthly

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A: It's a question of flat (simple) interest rate. We will calculate interest, add the same to the…

Q: Lynn needs to borrow $5500 for cosmetic surgery. She obtains a loan from her grandmother for 48…

A: Given: Lynn borrows a loan for cosmetic surgery of $5500 at simple interest rate 7.3% for 48 months.

Q: Charley’s credit card APR is 28.95% compounded daily. What is her actual interest rate per year?

A:

Q: You began saving for retirement at age 25 by contributing $550 per month at an APR of 6% compounded…

A: You are depositing $550 per month You deposits a total of 40 years.

Q: amanda is taking a 16,655, 5 1/2 year car loan. with an APR of 4.45%. how much will amanda pay in…

A: We are asked to find the interest amount of the loan.

Q: You invest $10,000 in the Big Delta mutual fund. Over 5 years, your investment grows in value to…

A: According to the given data Initial investment is $10000 After 5 years it becomes $17320 That means…

Q: Suppose you want to save in order to purchase a new boat. Take the APR to be 9.2%. You want to have…

A:

Q: Peter took a loan of $15000 from TD bank, the interest rate is 12% compounded monthly. Peter plans…

A: To calculate the amount of interest in the 25th payment for Peter's loan, we can use the formula for…

Q: Johnson placed $15,000 into his credit union account paying 7% compounded semiannullay. How much…

A:

Q: Nancy deposited $950 into an account that pays 5.41% annual interest compounded annually. When she…

A:

Q: suppose you borrow 865 for aterm of three years at simple interest and 5.46% apr. determine the…

A: Given that  Borrowing amount 865 Time period 3 years  Rate of interest 5.46%

Q: 36,000 is invested at 5.5% compounded annually for 8 years. a. Find the final amount b. Find the…

A:

Q: Kevin takes out a $350 000 mortgage for 30 years at 2.05% annual interest compounded quarterly. His…

A: The EMI i.e. the monthly payment required to be done by Kevin includes the interest component to be…

Q: 2. Simone bought her house for $150,000 in 2000 and sold it for $725,000 in 2020. What are the total…

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Q: Alyssa puts $4000 into a saving plan for 10 years at 7.8% annual simple interest. Four years into…

A:

Q: You owe $2300 on a credit card with 21% APR if you want to pay it off in 18 months, how much would…

A: Loan amortization formula is  A=Pi1+in1+in-1 Where A is periodic payment amount, P is loan amount,…

Q: huy wants to purchase a lakeside condo in Cuba, Missouri, 20 years. Huy will invest in a mutual fund…

A: Step 1: Given Value for Calculation Compound = Semiannually = 2Time = t = 20 * 2 = 40Interest Rate =…

Q: How long will it take a borrower to diminish P198, 480 if a lender charges 15.65% monthly and…

A:

Q: Dylan and Liz multiply 48,292.72 by 4 to make a total savings goal for college. If they want to have…

A:

Q: Taylor took out a student loan for $69,000 and agreed to pay it off with monthly payments over 4…

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Q: You want to save $20,000 for a down payment on a home by making regular monthly deposits over five…

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Q: You would like to have $35,000 to spend on a new car in five years. You open a savings account…

A:

Q: Ashley purchased a car for $16,500.  She put 10% down and financed the remaining 90% of the purchase…

A: She paid 10% of the total as a downpayment. So the downpayment amount is 10% of 16500 = $1650 Then…