A bank offers a savings account with a 3% annual interest rate, compounded monthly. Sars wants to open a savings account and make one deposit now that will enable her to withdraw $700 to go on vacation 5 months from now. How much money does Sara need to deposit now?

Q: Allison wants to deposit $4,750 into a savings account. She has two different options, an account…

A: An interest advantage is considered beneficial for the party receiving the interest payments, as it…

Q: F Eylül opens a savings account in FIBABANKA with a monthly interest rate of 2 %, solve the…

A: Since you have asked a question with multiple parts, we will solve the first 3 parts for you. Please…

Q: Maya will buy a new pair of skis for $850.00.  She has $400.00 in her savings account.  Her parents…

A: Principal Amount: It is the initial amount that is to be repaid at the end of the period for which…

Q: Marta needs some quick cash for books at the beginning of spring semester, so she borrows $500 at 9%…

A: We can use the formula for simple interest:Simple interest = Principal × Rate × TimeHere, Principal…

Q: A young couple decide to take advantage the current first-time home buyer credit and buy a new…

A: A mortgage loan is generally taken to purchase or maintain real estate. The borrower pays the lender…

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: The finance charge is the cost determined by multiplying the estimated rate of finance with the…

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: Data given: 31 day billing cycle 10/1 Previous balance    $ 1,177.00 10/3 Credit $ 66     cr…

Q: 6. Nita is preparing to go on a trip and determined she needs to bring $ 7,600. How much must she…

A: Amount to bring7600Simple Discount note6.50%Tenure, days90

Q: how many years will it take her to pay back the loan?

A: A person defers his or her current payment liability via loan. A loan is provided by a bank, who…

Q: Carlo is to purchase his dream car he needs to find a way to get P2,500 in cash right now! Carlo…

A: Future  value= Present value × (1+ periodic rate)^n where, N= number of period  Periodic rate= 8.5…

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: WORKING AND EXPLANATION

Q: Claudia intends to accumulate $35,000, so 6 months earlier she opens an account with $7,500, earning…

A: Simple interest = Principal * interest * time Amount = Principal + simple interest Amount =…

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: Annual percentage rate refers to the charge which is paid by the borrower to the lender on the loan…

Q: Consider a student depositing an amount P into a savings account and then made the following…

A: Given, Amount to be withdrawn at the end of 2nd year is $20 at the end of 3rd year is $30 at the end…

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: Interest Rate = 6% APR Previous Balance = $1,173 Calculation of Number of days between is as follow:…

Q: To be able to buy a new computer, Donna decides to save for 5 years. She opens a savings account…

A: Simple Interest = P * R * TWhere P = Principal = $400R = Rate of Interest = 3%T = Time = 5 years

Q: Maeve wants to borrow money to purchase a car.  They can afford to pay back $200 a month.  If they…

A: Annuity refers to series of annual payment which are paid or received at start or end of specific…

Q: Rosie is buying a car for $25,500; She is Scheduled to make 7 annual instalments. Given an interest…

A: Given that, Cost of car = $25,500 Number of instalments = 7 Interest rate = 8%

Q: on needs to save some money to buy her first car after she graduates. At the beginning of each…

A: A key idea in finance and investment research is the future value, which is used to assess the…

Q: for just one year of spending $100 on dinner every other saturday how much would debbie pay in…

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

Q: Caitlyin is saving to buy a house.She plans to deposit $12, 000into her account today and 1year from…

A: The objective of the question is to calculate the total amount of money Caitlyin will have in her…

Q: Helen can earn 3% interest in her savings account. Her daughter Roberta is 11 years old today.…

A: The future value of deposit is the value of the current deposits on a future date based on the time…

Q: Mary has saved enough money to make a $10,000 down payment on a $3 finance the purchase with an auto…

A: Monthly payment refers to an amount that is paid at every month for the repayment of loan amount…

Q: Ursula wants to buy a $21,000 used car. She has savings of​ $2,000 plus an​ $800 trade-in. She wants…

A: The monthly payment is the payment that includes the principal amount as well as interest amount and…

Q: HSBC bank offers a savings account with a 3% annual interest rate, compounded monthly. Kate wants to…

A: Rate of interest per month compunded monthly = 3%12=0.25%

Q: You decide that you need $47,000 in 3 years to make a down payment on a house. You plan to make…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Boniface needs to save $500 to buy a new computer. They have $396 to invest in a savings account…

A: Compound interest: Under the compound interest is interest is calculated on the amount that includes…

Q: 31-day billing cycle 10/1 Previous balance 10/3 Credit 10/12 Charge: King Soopers 10/15 Payment…

A: To find out the amount owed, closing balance needs to be added with monthly finance charge.

Q: You decide to save money to buy a car by opening a special account at a bank that offers 8% APR…

A: Calculate the future value as follows:MS-Excel --> Formulas --> Financials --> FV

Q: If this family of 4 wants to save up for a vacation in 2 years, how much should they deposit each…

A: To calculate monthly saving for vacation future value of annuity formula will be used. To calculate…

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: APR = 9%Previous balance = $1156No of days = 31To find: Amount owed.

Q: A young married couple decide to take advantage the current first-time home buyer credit and buy a…

A: The maximum amount that can be borrowed is the present value of annuity.

Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

A: Finance Charge is the amount of interest being charged on the borrowed amount from the lenders.

Q: amila Martinez has several credit cards, on which she is carrying a total current balance of $6,500.…

A: Considering the balance transfer by Zoe to the new credit card that offers interest rate i.e. 0% on…

Q: When you were born, your dear old Aunt Minnie promised to deposit $1,000 into a savings account…

A: Ignoring the missed deposits, first find the total amount of money in the account if deposits were…

Q: How much will you have in your bank account after 4 years ifyou deposit $5,000 of your high-school…

A: Solution: FV = PV×(1+r)n where, FV = Future value of a sum of money PV = present value of the same…

Q: Current Attempt in Progress After living in a university residence for one year, Alysha decides to…

A: PV: Present Value (initial deposit or investment)PV=2×$740 (for the first and last month's rent)r:…

Q: Jessica just graduated from college with a degree in philosophy and has landed herself a great job –…

A: Given Monthly loan payment=$232.40 APR=4.75% Number of years=12 years We need to calculate the…