A principal amount of $365 is placed in a savings account with an annual rate of 2.08% simple interest for 6 years. Which formula would correctly determine the total account balance?

Q: You deposit $5000 in an account earning 8% interest compounded monthly. How much will you have in…

A: The objective of this question is to calculate the future value of an investment with monthly…

Q: You deposit $4000 each year into an account earning 3% interest compounded annually. How much will…

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Q: eposits $8600 in a bank account that pays a simple interest rate of 6.5% per annum. find how long it…

A: Given that  Principal amount (P) = $8600 Interest rate (R) = 6.5% per annum = 0.065   We know that…

Q: Sam borrows $28 000 to buy a new car at a flat interest rate of 9% per annum over 3 years. How much…

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

Q: How much would you need to deposit in an account each month in order to have $10,000 in the account…

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

A: We have given,

Q: We put $2000 in a savings account getting 6% interest compounded daily for 5 years. how much…

A: We put $2000 in a savings account getting 6% interest compounded daily for 5 years. We have to find…

Q: Joy invests $18,000 into an account at an annual rate of 0.6% simple interest for 36 months.…

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Q: A bank account uses simple interest. If 10,000 is deposited at a rate of 4% interest, how much money…

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Q: You deposit $1000 each year into an account earning 6% interest compounded annually. How much will…

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Q: deposit $4000 in an account earning 2% interest compounded monthly. How much will you have in the…

A: Given that; Principal {p} = $ 4000 Rate (r) = 2%  Time = 10 years By using the compound interest…

Q: Dylan takes out a bank loan of $11,500 at 3.8% interest compounded annually. How much interest, in…

A: Given data is : Loan P=$11500 Interest rate r=3.8%, compounded annually. Time t=3 years To find the…

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: borrows $6,500, at  6 1 2%  interest, for 150 days. If the bank uses the ordinary interest method,…

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Q: Mary deposits $9,000 in a bank account that guarantees a simple interest rate of 7.5% per year. How…

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Q: Berno deposits $30,000 into an account paying 3.25% annual interest, compounded quarterly. How much…

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Q: $10,000 is deposited into an account that pays 2.4% interest compounded quarterly. How much money is…

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Q: How much would you need to deposit in an account each month in order to have $10,000 in the account…

A: Let the monthly payment be P . It is provided that future value, A=10000 . The rate of interest, r…

Q: Use the formula or a calculator application to find the total interest paid for the home mortgage of…

A: Total mortgage amount: Monthly payment: Time period : years

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

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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: Suppose you want to have $800,000 for retirement in 30 years. Your account earns 9% interest. How…

A: Given, Future value (FV) = $800,000 Rate of interest (r) = 9% Time (t) = 30 years n = 12 ( months)…

Q: How much would you need to deposit in an account each month in order to have $20,000 in the account…

A: We know that Simple interest = PTR/100 Here Time is 7 years and Rate is 6%  Amount is 20000$. Amount…