A mechanic borrows $7000 to expand his garage. The interest rate is 14% compounded quarterly with payments due every quarter. What are the quarterly payments if the loan is to be paid off in 6 years? (Round your final answer to two decimal places.)

Q: At graduation, you have a student loan of $22,000. The loan has a fixed annual interest rate of…

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Q: Suppose you want to have $400,000 for retirement in 25 years. Your account earns 9% interest. How…

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Q: Sandeep borrows $20,000 for a new car. The bank offers him an annual interest rate of 9% compounded…

A: Given that the borrows amount PV= $ 20,000 Interest rate  r=9%=9100=0.09compounded monthly…

Q: Ivanna wants to save money to buy a motorcycle. She invests in an ordinary annuity that earns 7.8%…

A: Given P=6000 n=5 m=4 r=0.078

Q: Kellee deposits​ $5000 in a savings account with an interest rate of​ 0.9% compounded monthly. If…

A: From the given information, it is observed that Kellee deposited $5000 that is, P = $5000 with the…

Q: At graduation, you have a student loan of $20,000. The loan has a fixed annual interest rate of…

A: Now the monthly payments when the loan amount is P taken for n months at a rate of r% is…

Q: you deposit $5000 in an account earning 3% interest compounded monthly. how much will you have in…

A: We have given,

Q: ou can afford monthly deposits of $190 into an account that pays 4.2% compounded monthly. How long…

A: Given information -  Monthly deposits = $190 Rate of interest = 4.2% The interest is compounded…

Q: You deposit $500 in an account earning 4% interest compounded annually. How much will you have in…

A: The continuous compounding formula is, Pt=P0ert In the formula, P0 is original principle sum, r be…

Q: Melanie places $5,000 into an account that earns 6% interest compounded daily. Approximately six…

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Q: Suppose that you borrow $17,000 for four years at 6 ​%  toward the purchase of a car. Use PMT equals…

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Q: To save for retirement, Karla Harby put $475 each month into an ordinary annuity for 18 years.…

A: Amount karla put before interest (P) = 475 Tenure (t) = 18 years = 18 *12 Intrest will be compounded…

Q: Tom deposits $25,000 in a savings deposit paying 5%, compounded monthly.  What amount would he have…

A: Given that ,principal amount that investedP=$25,000the rate of interest r=5%=5100=0.05time in…

Q: Francis invests $4000 in a savings account earning 3.25%/year compounded weekly for 5 years. How…

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Q: A gift of $9000 to a city grew to $10,000,000 in 200 years. At what interest rate compounded…

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Q: A payment of $1500 is due in three months. Find the equivalent value at nine months if the interest…

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Q: A mechanic borrows $8500 to expand his garage. The interest rate is 16% compounded quarterly with…

A: We need to find payments.

Q: A druggist borrows $3000 from a bank to stock her drugstore. The interest rate is 4% compounded…

A: A druggist borrows $3000 from a bank to stock her drugstore. The interest rate is 4% compounded…

Q: A 55-year-old man deposits $50,000 to fund an annuity with an insurance company. The money will be…

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