A part time student hopes to have $20,000 available for a down payment on a house when she graduates from her program in 4 years. How much does she need to deposit each month into an account that earns 3.63% interest in order to save $20,000 in 4 years? Use two decimal place accuracy.

Q: Due to depreciation, the cost of a car decreases by 10.2% every year. How much is the estimated…

A: The solution is given below.

Q: A gold mining company discovers a new vein to start mining. The geologists project this mine will…

A: Let P be the present value of this mine f(t)=$400000 T=15years Rate of interest,r=3.5%=0.035

Q: Gordon Rosel went to his bank to find out how long it will take for $2,000 to amount to $2,680 at…

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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: A bank features a savings account that has an annual percentage rate of 5.4 % with interest…

A: P = $ 5500 APR = 0.054

Q: An investment pays simple interest, and doubles in 13 years. What is the interest rate? Answer =

A: Formula for simple interest is :  I = P×R×T where ,   P = Principal  Amount  R = Annual rate of…

Q: Joe invests $500 into an account earning interest compounded monthly. Determine the rate if there…

A: The formula for the compounded amount is given by A=P1+rnnt where A is the compounded amount, P is…

Q: Assume that a car loses 10% of the value it had at the beginning of the year. Find its value at the…

A: Given the initial value of the car at the start of the year is $30,000. The car loses 10% of the…

Q: Find the rate of interest if N2,800 gains N600 in 5 years

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Q: The principal represents an amount of money deposited in a savings account subject to compound […

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Q: An investment pays simple interest, and triples in 17 years. What is the interest rate

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Q: Richard invests $205.42 every month into his retirement. At the end of 30 years, he has a balance of…

A: ANSWER :

Q: Find the amount due if $400 is borrowed for 14 months at 17% simple interest. Amount = $

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Q: Find the annual rate per cent that earns $234 simple interest when $900 is invested for 6, years.

A: To find the annual interest rate that earns simple interest of $234 when $900 is invested for 612…

Q: brooke's credit card has an annual interest rate of 21% on her unpaid balance, which averages $900.…

A: Given query is to find the monthly payment.

Q: If you invest $6,000 in an account that pays 15 percent simple interest per year, how long before…

A: Given - Principal = $6000 Rate= 15% Amount = 2* principal

Q: Find the interest earned after 3 years if P12 000 is deposited a savings account which earns 5%…

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Q: A young professional wishes to have $730000 in her retirement account. She invests $900 monthly in…

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Q: Jen has Php100,000 in the bank. She intends to increase her savings to Php500,000. If she can…

A: Formula used: A=P1+rnnt Where A is the amount , p is the principal , r is the rate of interest in…