Amir saved RM205 at then of every month for 6 years in an account earning 2.75% interest compounded monthly. a) Calculate the accumulated amount at the end of 6 years. (RM19545.87) b) Find the additional amount that he needs to save every month if he wants to have RM30,000 in the account at the end of 6 years.

Q: Scottie wants to accumulate $30,000 for a down payment for a house. He can only afford to set aside…

A: Future value needed = $30,000Payment = $300 every half year (i.e semi annually)Interest rate = 7.5%…

Q: months over 3 years at 7% per year compounded quarterly. much is Ana's quarterly payment?

A: Formula to calculate quarterly payment under loan: Annuity amount Loan…

Q: 8. Give your answers to this question correct to two decimal places. a. Andrew wants to buy a house…

A: Mortgage is a value which is borrowed from other sources like banks and this amount is repaid later…

Q: In return for a loan, Mr. Domingo promises to pay P15,000 at the end of each 3 months for two years.…

A: Amount repaid quarterly is P15,000 Time period is two years Interest rate s 10% converted quarterly…

Q: A. A man having a debt of ₱2000.00 agrees to pay it at the end of 7 years. At due, he must pay a sum…

A: because you have posted multiple questions, we will answer the first question only, for the remaning…

Q: Assume your uncle died one year ago and had left you the money in his saving account at that date.…

A: Amount Deposited 16 years back = PKR 550,000 Years(n) = 16 Interest Rate (r) = 13%

Q: How much money must be deposited today in order to withdraw P500  monthly for 5 years if interest…

A: Present value is the estimation of the current value of future cash value which is likely to be…

Q: If you need to pay $12,000 after 7 years for the money you borrowed from a friend, how much will you…

A: To calculate the loan amount we will use the below formula   Borrowed amount = MV/[1+(r/m)]t*m Where…

Q: 1. If money is worth 5% compounded quarterly, how much must Julea save every end of three months to…

A: Here we will use the concept of time value of money. As per the concept of time value of money it is…

Q: John already has $55,600 today in his savings account earning 5.5% compounded semiannually. The…

A: Here,

Q: urt borrowed from a bank and wants to start paying P50,000 annually at the end of the 4th year. If…

A: In this we need to find the present value of payment today.

Q: Clara borrows $41,000 today at 2.9% per year compounded quarterly, to start her own buisness. she…

A: Given, Loan amount (p) = $41,000 Interest rate (r) = 2.9% Number of compounding periods (m) = 4…

Q: Fred and Ethel are going to take out a business loan on which they will make annual payments of…

A: An amortized loan is a type of loan where the borrower makes regular fixed payments over the loan's…

Q: a) i) Ali is paying off a loan by making $50 payments at the end of every month for 2 years, at 6%,…

A: Loan is a borrowed amount taken for the purpose of completing the shortage of funds. When an…

Q: Howard is saving for a long holiday. He deposits a fixed amount every month in a bank account with…

A: Effective interest rate is 7.9% Future Value is $11,000 Time period is 5 years or 60 months To Find:…

Q: Starting tomorrow, you plan to withdraw equal amounts from the accor END of each of the next four…

A: Present value is the equivalent value of money today of future money to be withdrawn in future.

Q: 2. Ms. Perez wants to invest in a savings account with interest rate of 9% per year. She decided to…

A: Annual payment (P) = Php 40,000 Number of annual payments (n) = 10 Interest rate (r) = 9%

Q: If $35000 is put in a savings account paying interest of 5% compounded annually, what amount will be…

A: The future value of the invested amount is determined after compounded the interest accrued with the…

Q: Mary deposits her P500, 000 in a saving bank that gives nominal interest if 9.4% compounded…

A: The value of the deposit after a period will be the future value of that deposit.

Q: (2) Jack has deposited P1,000 into a savings account. He wants to withdraw it when it has grown to P…

A: Future value = Present Value* (1+Rate of Interest)t Here t is the time period or we can also say…

Q: Mr. Joe  takes a loan P amount from the bank. The loan attracts an interest of 1.5% per month…

A: future value = present value×ert where, r=rate of interest t=time in years

Q: Jessie has been contributing $250 at the end of each 6 - month period for the past 18 months to a…

A: Semi annual Contribution is $250 Interest rate Compounded semi annually is 6% Time period is one…

Q: . Leo invested $67 250 into an annuity earning 4.4% compounded semi-annually. How much is he able to…

A: A series of fixed payments that are paid or received at an equal time interval is term as the…

Q: the amount a person would need to deposit today to be able to withdraw $6,000 each year for 10 years…

A: A series of fixed regular periodic deposits/withdrawals is recognized as an annuity. The annuity…

Q: Q14) Suppose that Ahmed deposits 2000 $ every 6 month in a saving account which pays 12% annual…

A: The FV of annuity due formula is FV = Pmt x [(1 + r)n - 1]/r x (1 + r), where Pmt is the periodic…

Q: A man borrowed P 150,000.00 from the bank payable on the 1st day of every month for 2 years. If he…

A: An interest rate is a rate that is the cost of borrowing money.

Q: Faysal wants to expand his business and needs an amount of OMR 3,000. He approached Sohar Bank for…

A: Faysal borrow OMR3000 from a Bank @7% Interest rate Interest Compounding half yearly.

Q: 2.10.1. Melissa takes a loan of R950 000 to buy a house. The interest is 14,25% p.a. compounded…

A: Answer -    Monthly Repayment – Repayments means the monthly installments of principal and interest…

Q: CFJ deposited P175,000 every 6 months for 5 years with an interest of 12% compounded semi-annually.…

A: The future value can be calculated using the FV Function in excel. FV = (RATE, NPER, PMT, PV, TYPE)…

Q: If you deposit $3,500 monthly into a savings account which earns 4.25% interest rate compounded…

A: The future value function or concept can be used to determine the future value of a present sum or…

Q: 27. You hope to accumulate an account balance of $20,000 in 4 years by making a single deposit…

A: We need to calculate the amount to be deposited today - present value (PV)Future Value (FV) =…

Q: A. Zoey deposits $500.00 every quarter into an account earning 5% interest compounded quarterly. How…

A: The time value of money is the concept widely used to determine the correct worth of the sum to be…

Q: usinessman borrowed P300,000 with interest at the rate of 6% compounded annually. He agrees to…

A: The annual payment depends on the interest rate and original amount of loan and deferred period of…

Q: Every three years, D will pay Mr. J 5,000 at 8% rate to settle his loan. Mr. D will use which…

A: An Annuity:- An annuity is a fixed amount of perodic payment that an individual receive or pay for a…

Q: Lin took a loan of $10000 from Vancity credit union, the interest rate is 12% compounded monthly.…

A: A loan refers to a contract where a borrower receives a sum from a lender on the promise that they…

Q: 1) you open an Account to house. The Acce SAVE for ecount has an APR of 1.27 Compounded quarterly.…

A: The money's time worth concept reveals that any sum of money is worth more currently than the worth…

Q: What amount must I deposit in the bank to receive $6,000 in twelve years if my account pays 3.5%…

A: Interest is an additional amount which is received over the period at fixed rate. Depositor get sum…

Q: Lauren deposited $10,000 today. He plans to withdraw $1100 every year. For how long can she withdraw…

A: The term "annuity" refers to an insurance contract created and offered by financial institutions…

Q: 8) How much will I need to deposit into an account to have $6,500,000 in 10 years earning 5 %…

A: We will answer the first question since the exact one wasn’t specified. Please submit a new question…