Assume the monthly payment of a loan amount of $400,000 is $1450. How long will it take to retire the loan if the annual interest rate is 4%? Using the equation  Monthly Payment + p x r/12 / 1-(1+r/12) ^-12y P = principal (the amount of your mortgage r = the annual interest rate y = length of the mortgage

Q: You deposit $3000 in an account earning 2% interest compounded monthly. How much will you have in…

A: Since, there has been a deposit of $3000 in an account earning 2%interest compunded monthly. Our aim…

Q: mr. and mrs lkan deposite $15,000 into college saving account with an annual compound interest rate…

A: Given that Mr. and Mrs. Ikan deposited $15,000 into college saving account with an annual compound…

Q: Barry open a compound interest savings account and his initial deposit was $1,145. The account pays…

A: Barry open a compound interest savings account and his initial deposit was . The account pays…

Q: Bob invests $1500 at an annual rate of 2%. Find the balance after 10 years, when the interest is…

A:

Q: you deposit $4000 in an account that pays 7% interest compounded semiannually. After 3 years,…

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Q: Pim borrows $200 at 11% per annum compounded quarterly for 6 years. Determine the interest due on…

A: Given Jim borrows $200 at the rate of 11% compounded quarterly for 6 years.

Q: At graduation, you have a student loan of $20,000. The loan has a fixed annual interest rate of…

A: Now the monthly payments when the loan amount is P taken for n months at a rate of r% is…

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

A: We have given,

Q: The principal P is borrowed at a simple interest rate r for a period of time t. Find the simple…

A:

Q: A $120,000 home mortgage for 35 years at 9.5% has a monthly payment of $985.93. Part of the monthly…

A: Given: A $120,000 home mortgage for 35 years at 9.5% has a monthly payment of $985.93. Part of the…

Q: Suppose that you borrow ​$11,000 for four years at 5​% toward the purchase of a car. Use…

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Q: You have $7000 to invest for seven years. Which investment will provide the greater return:  5%…

A:

Q: Tim is saving to buy a $20 000 car in 3 years. He deposits $550 every month into an account earning…

A: We have 3 years to buy a car.

Q: Donald owes the bank $9450. To repay his debt, he paid a fixed amount back to the bank each month.…

A:

Q: gracie shay wants to buy a new hummer in six years. gracie estimates the cost of the hummer will be…

A:

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: Find the amount of compound interest earned. 5) $5000 at 6% compounded annually for 3 years

A: Recall the following fact.

Q: An amount of $1500 is deposited semi-annually for two years into a fun 10.5% per year, compounded…

A: Its is given that $1500 is deposited semi annually for two years into a fund that pays 10.5% per…

Q: Use the compound interest formula A = P(1 + r) to find the annual interest rate, r, if in 2 years an…

A: Given data

Q: The principal P is borrowed at a simple interest rate r for a period of time t. Find the simple…

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Q: You can afford monthly deposits of $120 into an account that pays 2.4% compounded monthly. How long…

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Q: Kyle has a $15,000 in college debt when he graduates. He will pay it back with regular monthlly…

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Q: $2000 is invested for 5 years with an APR of 3% and daily compounding.

A: We have to apply the compound interest formula to solve the given problem.