A loan of $37,000 is made at 5.75% interest, compounded annually. After how many years will the amount due reach $75,000 or more? (Use the calculator provided if necessary.) Write the smallest possible whole number answer. 0 years ?

Q: Find the monthly payment (in $) and the total interest (in $) for a mortgage of $42,000 at  5 1/4…

A: To find the total interest

Q: You apply for a $3000 loan at 4.5% simple interest rate to be paid back in for 3 years. What is 4.5%…

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Q: A woman borrows $2500 and agrees to pay 8% annual simple interest on the loan.  She repays the loan,…

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Q: Tuition of $1830 will be due when the spring term begins in 6 months. What amount should a student…

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Q: How much would you need to deposit in an account now in order to have $6000 in the account in 10…

A: See the attachment

Q: Gilberto opened a savings account for his daughter and deposited $700 on the day she was born. Each…

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Q: You deposit $3000 in an account earning 8% interest compounded quarterly. How much will you have in…

A: P=Principle=$3000t=time=15 yearsr=interest rate=8%=0.08A=final amount=?n=number of times compounded…

Q: Donald owes the bank $9450. To repay his debt, he paid a fixed amount back to the bank each month.…

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Q: Find the simple interest on a $2000 investment made for 2 years at an interest rate of 9%/year. What…

A: Formula for finding Simple interest (S.I)  is S.I=prtwhere p= principal amount,            r=rate of…

Q: You deposit $2000 in an account earning 2% interest compounded monthly. How much will you have in…

A: given, principal (P)=$2000           interest  rate (R)=2%= 2/100 =0.02     (for compounded monthly…

Q: You make a payment of $300 at the beginning of each month into an account that earns 3.6% annual…

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Q: You purchase a new car for $19,500.             If you borrow $19,500 for 5 years with an interest…

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Q: After retiring, you want to be able to take $1000 a month for a total of 15 years from your…

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Q: A laptop computer is purchased for $3400. Each year, its value is 70% of its value the year before.…

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Q: We invest $4000 in an account that pays simple interest of 3% each year. How much interest is earned…

A: Let, P = initial  amount r = annual  interest  rate t = time ,then the simple  interest  formula…

Q: $1600 is deposited into an account for which interest is compounded annually. The value of the…

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Q: Suppose that you borrow $20,000 for four years at 6% toward the purchase of a car. Find the monthly…

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Q: You deposit $1,000 in an account at the Lifelong Trust Savings and Loan that pays 8% interest…

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