If you borrow $30,000 from your dad for college and you agree to pay him back at 14% interest per year in monthly installments of $750 each month-end after you find a job, how many months will it take you to pay off the loan. Round the answer in months to the next higher digit.
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Q: If you borrow $30,000 from your dad for college and you agree to pay him back at 14% interest per…
A: GIVEN, LOAN (P)= $30,000 RATE(R) =14% MONTHLY INSTALLMENT(A)= $750 FREQUENCY OF COMPOUNDING (M) =12
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- You are planning to build a vacation home. Your rich uncle offers you a $35,000 loan at 10.5% interest if you make $325 per month payments at the end of each month, how many payments will be required to pay off the loan, and how many years will this take? show relevant calculationYou have $30,629.21 in a brokerage account, and you plan to deposit an additional $5,000 at the end of every future year until your account totals $250,000. You expect to earn 11% annually on the account. How many years will it take to reach your goal? Round your answer to the nearest whole number. yearsYou have $27, 467.55 in a brokerage account, and you plan to deposit an additional $5, 000 at the end of every future year until your account totals $260,000. You expect to earn 12% annually on the account. How many years will it take to reach your goal? Round your answer to the nearest whole number.
- You decide to make monthly payments into a retirement fund earning 4.75% compounded monthly. Note: Payments are made at the end of each period.You plan to buy a new car in three years and begin depositing $250 per month into a savings account that earns 4.5% annual interest, compounded monthly. After three years of deposits, how much money is in the account? What would you need to enter in Excel to help you answer this question?Brayden and Noah plan to purchase a home for $140,000. They will pay 20% down and finance the remainder for 25 years at the APR of 5.2%, compounded monthly. c) How much interest will they pay during the 9th year of the loan? $ d) If they were to increase their monthly payments by $150, how long would it take to pay off the loan? Give your answer in whole months.
- You plan to save money for a down payment of $55,000 to purchase an apartment. You can only afford to save $1,000 at the end of every month in an account that earns interest at 2.69% compounded quarterly. How long will it take you to save the amount? Express the answer in years and months, rounded to the next payment periodYou plan to save money for a down payment of $42,000 to purchase an apartment. You can only afford to save $6,000 at the end of every 6 months into an account that earns interest at 5.50% compounded monthly. How long will it take you to save the planned amount? years months Express the answers in years and months, rounded to the next payment periodYou have $20,800.51 in a brokerage account, and you plan to deposit an additional $3,000 at the end of every future year until your account totals $280,000. You expect to earn 14% annually on the account. How many years will it take to reach your goal? Round your answer to two decimal places at the end of the calculations.
- Suppose a recent college graduate's first job allows her to deposit $150 at the end of each month in a savings plan that earns 6%, compounded monthly. This savings plan continues for 14 years before new obligations make it impossible to continue. If the accrued amount remains in the plan for the next 15 years without deposits or withdrawals, how much money will be in the account 29 years after the plan began? (Round your answer to the nearest cent.)You have 40,000 in a brokerage account, and you plan to deposit an additional 5,000 at the end of every future year until your account totals 250,000. You expect to earn 12% annually on the account. How many years will it take you to reach your goa