Acme Annuities recently offered an annuity that pays 4.2% compounded monthly. What equal monthly deposit should be made into this annuity in order to have $70,000 in 10 years? The amount of each deposit should be $ (Round to the nearest cent.)

Q: the final payment? (Round your answer to the nearest cent.) Final payment $

A: The future value of the annuity, which comprises all payments plus any interest generated, must be…

Q: An ordinary annuity pays 7.08% compounded monthly. (A) A person deposits $150 monthly for 30 years…

A: Interest rate is 7.08% Compounded monthly Part-(A)  Deposits per month is $150 Time period of…

Q: The present value of an annuity using an effective annual discount rate of 12% is $40,043.69. This…

A: An annuity is a payment series where a periodic sum is paid in exchange for a lump sum payment. It…

Q: A Sunlife Insurance offers a 7-year ordinary annuity with a guaranteed rate of 6.35% compounded…

A: The payment to be made can be calculated as the present value of ordinary annuity

Q: What is the future value of the annuity stream, if the frequency of compounding is 2 times per year?

A: Future Value of Annuity: It refers to the future worth of the periodic payments made at the end of…

Q: Acme Annuities recently offered an annuity that pays 6.6% compounded monthly. What equal monthly…

A: Step 1:We have to calculate the monthly deposits to get the required amount after 15 years.We will…

Q: A 19-year annuity pays $2,050 per month at the end of each month. If the APR is 13 percent…

A: Present value refers to the current value of an asset that will be present at some future date for…

Q: tephen Michaels wants to know how much he must deposit today at 12% interest to provide three equal…

A: Solution: Present value of an ordinary annuity is the present value of future annual payments based…

Q: PNC's 30-year annuity is scheduled to pay off a loan taken out today at a 5% annual effective…

A: given, year (n) = 30 rate = 5% first annuity at t=10, amount= $10,000 then annuity increase by $5000…

Q: Acme Annunities recently offered an annuity that pays 4.8% compounded monthly. what equal monthly…

A: Here, Particulars Values Annual interest rate 4.80% Number of compounding periods 12.00…

Q: Acme annuities recently offered an annuity that pays 6.0% compounded monthly. What equal monthly…

A: We use PMT function in financial calculator or excel to solve monthly payments

Q: A 20-year annuity pays $1,500 monthly, and payments are made at the end of each month. If the…

A: Monthly payments = $1500Period = 20 yearsInterest rate :First 10 years = 6.25%Next 10 years = 5.50%

Q: Monthly payments of $150 are paid into an annuity beginning on January 31, with a yearly interest…

A: An annuity is a financial product designed to provide a stream of periodic payments over a specified…

Q: An investment is expected to result in equal payments of $300 at the end of each of the next 8 years…

A: Note: It is a case where no question is specified to solve among the multiple questions posted, so…

Q: An ordinary annuity selling at $8,860.53 today promises to make equal payments at the end of each…

A: The annual annuity payment (PMT)= $1,065.62Present value= $7,706,517.28 Explanation:Step 1: Find the…

Q: A 20-year annuity pays $1,200 per month, and payments are made at the end of each month. The…

A: The concept of time value of money will be used and applied here.   An annuity is a stream of…

Q: A 15-year annuity pays $2,050 per month, and payments are made at the end of each month. If the APR…

A: Present Value is the current price of future value which will be received in near future at some…

Q: An annuity pays $1000 at the end of each year for 4 years and then $2000 at the end of each year for…

A: Required :The discounted value of these cash flows.

Q: A perpetuity pays $4200 at the end of every month for 11 months of each year. At the end of the 12th…

A: Perpetual refers to the forever transaction. This means an equal amount of cash flow at an equal…

Q: A 10-year annuity pays $1,850 per month, and payments are made at the end of each month. If the APR…

A: Present value compares the value of money received or paid at different times in time and assists…

Q: What iS the fair market price today for an annuity that pays you $350 at the beginning of each month…

A: Annuity refers to the series of payment at regular interval for certain period.

Q: An immediate annuity makes monthly payments for 20 years. During the first year, each monthly…

A: An annuity is a payment series that provides an income to the holder in exchange for a lump-sum…

Q: An annuity has payments at the beginning of every three months starting today. The first payment is…

A: An annuity is a payment series that provides the holder with a periodic income in exchange for a…

Q: Acme Annuities recently offered an annuity that pays 3.6% compounded monthly. What equal monthly…

A: Each period payment is considered as PMT.

Q: An ordinary annuity pays 8.28% compounded monthly. (A) A person deposits $100 monthly for 30 years…

A: Annuity means regular periodic payments. An ordinary annuity is for periodic payment that takes…

Q: Acme Annuities recently offered an annuity that pays 5.4% compounded monthly. What equal monthly…

A: We need to use future value of ordinary annuity formula to calculate monthly deposit or payment. PMT…

Q: A thirty-year annuity has end - value of the annuity if i = 3 % - of month payments. The first year…

A: Step 1:It is given that, A thirty-year annuity has end of month payment and the first-year payment…

Q: A 15-year annuity pays $1,750 per month, and payments are made at the end of each month. If the APR…

A: Present value refers to the discounted value of all the cash flows in the future. Discounting is…

Q: Suppose you purchase for 34028.07 dollars an annuity that earns 6.8 percent effective. The annuity…

A: The Present Value of Annuity is a financial concept that calculates the current worth of a series of…

Q: Recently, More Money 4U offered an annuity that pays 5.1% compounded monthly. If $1,706 is deposited…

A: Monthly deposit (C) = $1,706 Monthly interest rate (r) = 0.00425 (i.e. 0.051 / 12) Monthly period…

Q: (a) How many payments will be paid? (b) What is the size of the final annuity payment?

A: Given in the question: Annuity Cash Value  $12,000 Payment at the beginning of every six…

Q: American General offers a 10-year annuity with a guaranteed rate of 9.39% compounded annually. How…

A: Present Value of Ordinary Annuity refers to the concept which gives out the discounted or today's…

Mortgages

A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.

Mortgage

The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.