Consider a credit card with a balance of $7000 and an APR of 12.5%. If you want to make monthly payments in order to pay off the balance in 11 year, what is the total amount you will pay? Round your answer to the nearest cent, if necessary.

Q: Suppose you want to have $300,000 for retirement in 20 years. Your account earns 10% interest. How…

A: The amount to be deposited monthly is an annuity and the final amount of $300,000 is the future…

Q: You bought a house for $175,000. The bank requires a 25% down payment; it will provide a 30 year…

A: Given:

Q: You owe $3,000 on your Credit card with 24% APR. What would be the minimum payment amount if your…

A: Borrowings are the liability of the company which is used to finance the requirement of the funds.…

Q: a credit card with a balance of $9000 and an APR of 16.99% . In order to pay off the balance in 3…

A: Loans are paid equal fixed monthly installments that carry the payment for interest and payment for…

Q: You purchase a new laptop for $1200 and put it on your credit card, which charges 14.99% interest.…

A: Borrowings are the liability that is used to finance the requirement of the funds. The borrower…

Q: You have $480 to put into a savings account, and a bank offers you two options: Account A pays 3.1%…

A: Simple Interest is the method in which we calculate the interest on a specific principal amount at a…

Q: Suppose you take out a 36-month installment loan to finance a delivery van for $26,100. The payments…

A: Loan amount = $26,100 Monthly payments = $989 Total finance charges = $9504 Loan period = 36 months…

Q: You want to buy a car, and a local bank will lend you $25,000. The loan will be fully amortized over…

A: Monthly Loan Payment = PV*(r*(1+r)n)((1+r)n-1)  where: PV is the present value of the loan r is the…

Q: Find the monthly payment for a bank loan. (Round your answer to the nearest cent.) $100 loan for 12…

A: Answer  Principle amount = $100 Interest rate =12% Time = 12 months

Q: You want to buy a car, and a local bank will lend you $10,000. The loan will be fully amortized over…

A: Given: Loan Amount $10,000Annual Nominal Interest Rate 9%Number of Payments = 5 years * 12 months60…

Q: Your credit card carries a 23.99%interest rate. You want to pay off your balance of $8700 with equal…

A: When someone needs money to make a purchase, to cover an unexpected expense, such as a medical…

Q: You have $5,000 on a credit card that charges 19% interest rate. If you want to pay off the credit…

A: Given; Principal= $5,000 Interest =19% annually or 1.58% monthly Time = 5 Years or 60 months (5*12)…

Q: How much would you need to deposit in an account now in order to have $2000 in the account in 10…

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

Q: When you buy a certificate of deposit (CD), you are investing your money in an account that earns…

A: The formula used to compute final worth of CD as follows: A=P1+rnnt

Q: Calculate the annual payments for a $15,644 loan that you will repay over 5 years. The bank gives…

A: Annual payments (P) on a loan (PV) of amount $15,644 with an interest rate ( r ) of 6.6% and with 5…

Q: You want to buy a car, and a local bank will lend you $40,000. The loan will be fully amortized over…

A: The monthly loan payment can be calculated by using the excel formula ''=PMT''Effective Annual Rate…

Q: Suppose you plan to start a saving account. You plan to deposit $98 each month in to a money market…

A: Compound = Monthly = 12Payment = p = $98Interest Rate = r = 6 / 12 = 0.5%Future Value = fv = $2000

Q: onsider a credit card with a balance of $8500 and an APR of 14.5%. If you want to make monthly…

A: The objective of this question is to calculate the total amount paid over 11 years to clear off a…

Q: Suppose you owe $1,100 on your credit card. The annual percentage rate (APR) is 24%, compounded…

A: Principal = $1,100APR = 24%Minimum monthly payment = $24.75

Q: You have a credit card that has a balance of $10,700 at an APR of 14.49%. You plan to pay $⁢400 each…

A: The credit card refers to the debt instrument used by individuals to access funds that they repay at…

Q: You have credit card debt of $30,000 that has an APR (monthly compounding) of 18%. Each month you…

A: Monthly Interest rate of old card=18%/12=1.5%Interest payment of old card per month=$30000*1.5%=…

Q: A CD, or “certificate of deposit,” is a type of savings account with a fixed rate and term, meaning…

A: Variables in the question:Initial deposit = $2200APR = 0.26% (compounded monthly)N=10 years

Q: You have $4,000 on a credit card that charges a 14% interest rate. If you want to pay off the credit…

A: Using excel PMT function

Q: You want to buy a car, and a local bank will lend you $25,000. The loan will be fully amortized over…

A: Compound = n = Monthly = 12Present Value = pv = $25,000Time = t = 5 * 12 = 60Interest Rate = r = 9 /…

Q: Use Excel to answer this question: You want to borrow money from your bank to purchase a car. The…

A: Amount you can borrow = Present value of the maximum monthly paymentsNOTE :here the monthly payment…

Q: You plan to deposit S500 in a bank account now and S400 at the end of the year. If the account earns…

A: The objective of the question is to calculate the balance in the bank account right after the second…

Q: You are considering investing in a savings account that compounds interest quarterly. The bank…

A: 1. Identify the variables:Nominal interest rate (annual) = 4% = 0.04 (in decimal form)Compounding…

Q: Your credit card has a balance of $4100 and an annual interest rate of 15%. You decide to pay off…

A: Balance amount=$4100 Interest rate=15% Time period=3 years 3 years monthly payment=$142.13 3 years…

Q: How much should you deposit now into a certificate of deposit (CD) at a bank, if the CD matures 10…

A: To calculate the principal amount deposit in the bank , we have to use the following formula : A = P…

Q: Suppose I have a balance of $4500 on my Bank of America credit card.  Assume the interest rate on my…

A: Payment is made monthly, hence it is a question of annuity. Annuity means number of payments which…

Q: You want to buy a car, and a local bank will lend you $35,000. The loan will be fully amortized over…

A: Monthly loan payment can be calculated by using excel function of PMT-Excel function of PMT…

Q: To buy a car, you borrow $28,000 with a term of five years at an APR of 7%. What is your monthly…

A: Loan amount (PV) = $ 28,000 APR = 7% Monthly interest rate (r) = 7%/12 = 0.583333333333333% Period =…