Bob has saved $585 each month for the last 4 years to make a down payment on a house. The account earned an interest rate of 0.44 percent per month. How much money is in Bob's account?
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- Bob has saved $585 each month for the last 4 years to make a down payment on a house. The account earned aninterest rate of .44 percent per month. How much money is in Bob's account?Multiple ChoiceA. $29.833.38B. $28,080.00 C. $30,113.95D. $30,383.25E. $31,189.44Starting on the day Brian was born, his mother has invested $30 at the beginning of every month in a savings account that earns 3.20% compounded monthly. a. How much did Brian have in this account on his 18th birthday? Assume that there was no deposit on that day. Round to the nearest cent b. What was his mother's total investment? Round to the nearest cent c. How much interest did the investment earn?Starting on the day Thomas was born, his mother has invested $50 at the beginning of every month in a savings account that earns 2.90% compounded monthly. a. How much did Thomas have in this account on his 24th birthday? Assume that there was no deposit on that day. Round to the nearest cent b. What was his mother's total investment? Round to the nearest cent c. How much interest did the investment earn? Round to the nearest cent
- Some time ago, Marie took out a loan from the bank to purchase an apartment. The terms of theloan specified monthly payments over 25 years. The interest rate of 5.385% compounded semi-annuallyhasn’t changed. Marie has just made his 100th payment, and to his surprise, the interest portion of thepayment was exactly $1,000.a. What is Marie’s monthly payment? b. How much did Boris originally borrowStarting on the day Kelly was born, her mother has invested $50 at the beginning of every month in a savings account that earns 2.20% compounded monthly. a. How much did Kelly have in this account on her 22nd birthday? Assume that there was no deposit on that day. b. What was her mother's total investment? c. How much interest did the investment earn? How much should Diana's dad invest into a savings account today, to be able to pay for Diana's rent for the next five years if rent is $950 payable at the beginning of each month? The savings account earns 3.75% compounded monthly.Today, Tiffany is starting to save up for a downpayment on a house. Currently she has $635 in an account earning 8% semiannually. She will deposit $138 at the beginning of every two weeks for four years. After an additional six months (4.5 years from today), Tiffany pays the downpayment of $15,000 for her new home. What balance is remaining in this account?
- Stephen has $11,200 in the bank. The account will earn 2.8% in simple interest for the next 5 years. How much interest will Stephen earn? Show your work.To save the down payment, Mary deposited monthly in a savings account earning 2.5% compounded monthly. If it took Mary 5 years to save up the down payment, how much money was Mary depositing each month? She has saved $6200 in a downpayment.Joshua borrowed $800 for one year and paid $40 in interest. The bank charged him a service charge of $7. If Joshua paid the $800 in 12 equal monthly payments, what is the APR?
- Sebastian is going to deposit $790 in an account that earns 6.8% interest compounded annually. His wife Yolanda will deposit $815 in an account that earns 7.2% simple interest each year. They deposit the money on the same day and make no additional deposits or withdrawals for the accounts. Which statement is true concerning Sebastian’s and Yolanda’s account balances after 3 years? Yolanda’s account will have about $28.67 less than Sebastian’s account. Yolanda’s account will have about $9.78 less than Sebastian’s account. Sebastian’s account will have about $28.67 less than Yolanda’s account. Sebastian’s account will have about $9.78 less than Yolanda’s account.LaTisha owed $65,000 when she graduated from college. Suppose her 10-year loan had an APR of 4.5% with monthly payments of $673.65. How much will she spend on interest over the life of the loan? Round your answer to the nearest cent. Use the spreadsheet to solve.Please help me answer the following time value of money question. Chuck deposited $25 in an account that pays 4.25%, how much will be in his account in 15 years? 45 years? 110 years?