Answered: If you take out a loan for 1,500 with…

If you take out a loan for 1,500 with an interest rate it 3% A) How long would it take to owe double the money? B) How long would it take to owe quadruple the money?

Elementary Geometry For College Students, 7e

7th Edition

ISBN:9781337614085

Author:Alexander, Daniel C.; Koeberlein, Geralyn M.

Publisher:Alexander, Daniel C.; Koeberlein, Geralyn M.

ChapterP: Preliminary Concepts

SectionP.CT: Test

Problem 1CT

See similar textbooks

Related questions

Q: A) Allison wants to save money for a vacation she's planning on taking in 6 years. she deposits $15…

Q: 1. Rick invested $1500 at 9% per annum for 4 years. a) How much simple interest did he earn on his…

A: Given that Rick invested 1500 at a rate is 9% for 4 years To find the simple interest and final…

Q: Suppose you want to have $300,000 for retirement in 25 years. Your account earns 4% interest…

Q: You would like to have $550,000 when you retire in 40 years. How much should you invest each quarter…

Q: Marcelo invested $66,100 in a mutual fund at 4.2% compounded annually. After 4 years, the interest…

Q: You deposit $400 each month into an account earning 4% interest compounded monthly.a) How much will…

A: The objective of this question is to calculate the future value of a series of monthly deposits in…

Q: You deposit $100 each month into an account earning 2% interest compounded monthly. a) How much will…

A: The details solution is given below

Q: An investor deposits $15,000 in a bank account. The bank offers an interest rate of i=4.1% per year.…

Q: You want to be able to withdraw $20,000 each year for 20 years. Your account earns 5% interest…

Q: You deposit $440 each quarter into an account earning 5.6% interest compounded quarterly. a) how…

A: Given that, You deposit $440 each quarter into an account earning 5.6% interest compounded…

Q: You deposit $500 each month Into an account earning 5% Interest compounded monthly. a) How much will…

A: a) Obtain the amount in the account after 30 years as follows. Use the formula below.…

Q: Jan Reus sold her home and has $18,000 to invest. She believes she can earn 8% compounded quarterly.…

Q: Solve the following problems. How long the ₱400,000 amount to ₱51,000 if the simple interest rate is…

A: Thanks for the question :)And your upvote will be really appreciable ;)

Q: How much will need to be paid in full on a loan of $2200, at a rate of 4.2% simple interest for 6…

Q: 4. When Sarah was 7 years old, her parents invested $10 000 for her in a plan that earns 5 % per…

Q: u deposit $600 each month into an account earning 3% interest compounde 10995 tonen & y a ton of…

A: The formula for the future value of ordinary annuity is where R is the regular periodic deposit, i…

Q: You deposit $370 each month into an account earning 7.2% interest compounded monthly. a) How much…

A: (a) Let r be the interest rate and P be the amount deposited at each month So initially the account…

Q: You deposit $500 each month into an account earning 6% interest compounded monthly. a) How much will…

A: Let the monthly deposit amount PMT=$500Interest rate (r)= 0.06(Since 6%=0.06)Number of compounds…

Q: You deposit $400 each month into an account earning 7% interest compounded monthly. a) How much will…

Q: You deposit $200 each month into an account earning 4% interest compounded monthly. a) How much will…

Q: a company wants to accomplish $100000 to purchase replacenent machinary ten years from now ,to…

A: Concept: According the given question the company wants to accumulate $100000 in future Therefore…

Q: You deposit $500 each month into an account earning 3% interest compounded monthly. a) How much will…

Q: You deposit $400 each month into an account earning 4% interest compounded monthly. a) How much…

Q: If you borrow 1800 dollars from a lending agent for 65 weeks and in the end you have to pay 270…

Question

If you take out a loan for 1,500 with an interest rate it 3% A) How long would it take to owe double the money? B) How long would it take to owe quadruple the money?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 steps with 3 images

SEE SOLUTION Check out a sample Q&A here

Similar questions

arter's aunt was planning to give Karter $9000 8 years from now. Karter convinced their aunt to give them $7000 now instead. If Karter invests this $7000 at 3.5% compounded continuously, how much money will Karter have 8 years from now? a) Karter will have $ b) How much interest will Karter earn? $ 100
You deposit $170 each quarter into an account earning 6.3% interest compounded quarterly. a) How much will you have in the account in 25 years? b) How much total money will you put into the account? c) How much total interest will you earn?
You deposit $400 each month into an account earning 7% interest compounded monthly.a) How much will you have in the account in 35 years?$b) How much total money will you put into the account?$c) How much total interest will you earn?$
You would like to have $550,000 when you retire in 25 years how much did you invest each quarter if you can earn a rate of 2.4% compounded monthly a) how much should you deposit each quarter? b) how much total money will you put into the account? c) how much total interest will you earn?
Maria borrows $12 000 at 9%/a interest compounded monthly for 10 years. How much money will she owe at the end of 10 years? a) $29 416.28 b) $12 930.99 c) $17 416.28 d) $28 408.36
Suppose you want to have $700000 retirement in 20 years. Your account earns 10% interest. A) How much would you need to deposit in the account each month? B) How much interest would you earn?
Kevin used his credit card to pay $2544 for a holiday. The interest rate for the creditcard is 18.75%, compounded daily. Kevin plans to make monthly payments of $200.a) When will Kevin have paid off the balance in full? b) How much interest will he have paid?
A school soccer team needs $9000 in 2 years to travel to a tournament in Florida. The team decides to have a fundraising event now and puts the money into an investment that will earn interest at 5% per year, compounded semi-annually.a)How much does the team need to raise?b)How much interest will be paid?
You would like to have $700,000 when you retire in 40 years. How much should you invest each quarter if you can earn a rate of 2.9% compounded quarterly? a) How much should you deposit each quarter? b) How much total money will you put into the account? c) How much total interest will you earn?