annual

Q: every month in a savings account that earns 3.20% compounded monthly. a. How much did Brian have in…

A: A series of regular fixed periodic payments made at each interval is annuity. The broad…

Q: Sarafina is making monthly payments into an annuity. She wants to have $600 in the fund to buy a new…

A: Monthly payment The minimum amount needed every month to be paid by an individual.

Q: Zoe has an investment account that earns 6% annual interest, compounded daily. Holly has an…

A: For Zoe: Annual percentage yields (APY) = 1+rnn-1 Where, r = annual interest = 6% n = number of…

Q: Starting on the day Thomas was born, his mother has invested $50 at the beginning of every month in…

A: Future value:The future value of payments represents the accumulated value of periodic investments…

Q: Different payment plans can affect the amount of money you need to borrow. a) Ali is paying off a…

A: Note: As per our guidelines, we can only answer one question at once. Since, you haven't…

Q: Lauren and Serena each have 59-week loans. At the end of their terms, they each repay $3,800.…

A: The major difference between a simple interest rate & a compound rate is that the interest…

Q: Crysta just borrowed $59,000.00. She plans to repay this loan by making a special payment of…

A: Annual payment refers to an amount that is paid annually for the repayment of a loan amount by the…

Q: Alan loans $3750 to Betty at a 6.2% simple interest rate. Betty agrees to repay the loan after 13…

A: Simple rate of interest is calculated by multiplying the rate with principal and adjusting the same…

Q: Dagmar has a 4-year car loan at an annual interest rate of 7.5%. She has made 26 payments of…

A: Total number of payment over the entire duration of loan = Number of years×Number of months in a…

Q: Christina bought a car that cost $18000. She put $4000 down and financed the rest at 3.8%/a…

A: Time value of money :— According to this concept, value of money in present day is greater than…

Q: Jimmette currently has savings in the amount of $46627 in an account that earns 5.9% compounded…

A: Annuity is a series of regular payments or withdrwals made at a regular interval for a period.…

Q: Jodi takes out a loan to buy a car for $29,000. If her monthly payment is $500 and the annual…

A: Using finance we need to find the NPER FIND NPERRATE = 8%/12PMT = 500PV =-29000FV =0 We will get…

Q: Tabitha had to pay her friend $1,200, 3 months ago and he has to pay $510 in 4 months. If her friend…

A: Present value:A financial concept known as "present value" emphasises the time value of money by…

Q: Paige refinanced her home loan. The new loan of $85,000.00 has an interest rate of 3.7% compounded…

A: i) Monthly Payment: Solved using Financial Calculator  PV = - 85,000 I/Y = 3.7/12 = 0.3083333333 N =…

Q: much

A: Formula to calculate future value is: FV = PV(1+r)^n Where FV is the future value, r is the rate of…

Q: 12. Ted has an adjusted gross income of $120,006. He wants a house with a monthly mortgage payment…

A: The formula of Front-end & Back-end Ratio: Back-end Ratio: Front-end Ratio:

Q: s a gross monthly income of $3,900. She has 15 remaining payments of $189 on a used car. The taxes…

A: TDS is the total debt ratio that is the ratio of the monthly housing payment plus other debt divided…

Q: O $352.28 (plus or minus 1 dollar) O $783.83 (plus or minus 1 dollar) O $360.70 (plus or minus 1…

A: Loan amount=8640Period=9 yearsNumber of payment=n=36Interest rate=9.57Quarterly interest…

Q: Mark and John started investing at the same time. Mark makes payments of $20 at the end of each week…

A: Future value refers to the value of the investment at a future date. This includes the principal…

Q: Tabitha had to pay her friend $900, 4 months ago and she has to pay $630 in 4 months. If her friend…

A: The present value is the current date value of the annuity that can be determined by discounting the…

Q: Rebecca borrowed $20 400 from her local credit union to pay for the upgrades in her kitchen. She…

A: Interest on borrowed funds refers to the additional amount charged by a lender for the privilege of…

Q: Aidan wants to pay off the loan on his refrigerated trailer on which he has made 15 payments. If…

A: When a series of equal periodic payment is made against a loan, it is termed as annuity. This…

Q: Blake Hamilton has money in a savings account that earns an annual interest rate of 3%, compounded…

A: APY stands for Annual Percentage Yield. It is a measure of the total amount of interest earned on a…

Q: Jamie earned $14 in interest on her savings account last year. She has decided to leave the $14 in…

A: This is because Jamie's $14 in interest from last year will be added to the principal balance of her…

Q: Three years ago, ZYX deposited $2,590 in an account that has earned and will earn 8.60 percent per…

A: P = Initial deposit = $2,590 r = Annual interest rate = 8.60% = 0.086 n = Number of years = 6 The…

Q: Your grandma invested some money 58 years ago into an account earning 2.5 % per year, compounded…

A: Compound interest is the interest that is calculated not only on the initial principal amount but…

Q: Nona purchased a new car earlier today for $24,000. She financed the entire amount with a five-year…

A: Loan installment is that which is paid by borrower to lender for a specified period of time. This…

Q: rianne borrowed $6200 to buy a vehicle to drive to school. She plans to study for 3 years, and then…

A: Loans are paid by fixed equal monthly payments that carry the interest and loan amount.

Q: Valerie refinanced her home loan. The new loan of $103,000.00 has an interest rate of 5.9%…

A: Here, Loan amount = $103,000.00 Interest rate = 5.9% compounded monthly Term of loan = 21 years To…

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.