First City Bank pays 6% annual simple interest on its saving account balances, whereas Second City Bank pays 6 percent interest a year compounded annually. If you made a deposit of $7500 in each bank, how much more money would you earn from your Second City Bank account at the end if 10 years?

Q: A bank account earns 6% simple interest. If you deposit $1,000 and then do not make any additional…

A: We need to calculate future value of $1,000 deposited today at 6% simple interest after 5 years.…

Q: You wish to save $30,000 by making $1000 deposits at the end of each month. If the bank pays 4%…

A: Dear student, we need to use NPER and FV formulas in excel to solved this problem.

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Q: Suppose you decide to deposit $24,000 in a savings account that pays a nominal rate of 12%, but…

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A: Formula for calculating weekly interest rate is:

Q: First City Bank pays 6 percent simple interest on its savings account balances, whereas Second City…

A: Simple interest is the additional amount that the bank pays for depositing a sum in the account. In…

Q: Suppose Jorge Otero has set up an annuity due with a certain credit union. At the beginning of each…

A: Compound = monthly = 12 Payment = p = $140 Interest rate = r = 6 / 12 = 0.5% Time = t = 15 months

Q: Spartan Credit Bank is offering 5.8 percent compounded daily on its savings accounts. Assume that…

A: Given Information :Interest rate = 5.8% p.aDeposit amount = $ 5,500

Q: Bank A pays 7% simple interest on its savings account balances. Bank B pays 5.5% interest compounded…

A: STEP 1 Simple interest is the amount of interest charged on a specific principal amount at a…

Q: What is the value (in $) of Jorge's account after 16 months? (Round your answer to the nearest…

A: Information Provided: payment made = $150 Term = 16 months Interest rate = 6% compounded monthly

Q: Your bank account pays an interest rate of 6 percent, but this interest is compounded daily (use…

A: Interest rate on account = 6% (compounded daily) Amount A = P(1 + r/n)nt Where A = amount P =…

Q: How much would you need to deposit in an account each month in order to have $10,000 in the account…

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A: using excel fv function

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Q: compounded 12 times a year. If the card holder wants to pay off will the card holder need to pay?…

A: Credit card balances are paid by the monthly payments and these monthly payments carry the payment…

Q: First City Bank pays 7 percent simple interest on its savings account balances, whereas Second City…

A: 1. Future value in case of account earning simple interest.FV =  A +IwhereFV = future valueA =…

Q: You put $6,150 in the bank for 15 years at 5%. Using the Future Value of 1 Table, what factor would…

A: Future Value is known as Terminal Value. The accrued amount of FVn  on principal amount after n…

Q: Spartan Credit Bank is offering 6 percent compounded daily on its savings accounts. Assume that you…

A: Future Value (FV) is the value of an investment or cash flow at a specified future date, assuming a…

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Q: Suppose you have $8,675,309 to deposit into a savings account for one year. The bank lets you choose…

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Q: You have been given eight months to pay off your gambling debt. You need $2,200 in eight months. How…

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Q: How many years will it take for your money to tripple if you deposit $800 in a bank account that…

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Q: If a person has ATM fees each month of $22 for 8 years, what would be the total cost of those…

A: Monthly fees: $22Number of years: 8

Q: You deposit $300 each month into an account earning 7% interest compounded monthly. a) How much will…

A: Future value (FV) of today's money similar to the concept of compound interest which follows that…

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A: Given: PMT =$615Interest rate =6% annually i.e. 6%/12 monthlyNper =10 x12 months =120 months

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