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

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

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

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A: We have given,

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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…

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A: Given data

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