In order to accumulate enough money for a down payment on a house, a couple deposits $600 per month into an account paying 6% compounded monthly. If payments are made at the end of each period how much money will be in the account in 7 years?

Q: To start a new business Beth deposits $1000 at the end of each six-month period in an account that…

A: Semi annual deposit (P) = $1000 Interest rate = 7% Semi annual interest rate (r) = 7%/2 = 3.50%…

Q: You loan a friend $200 and are repaid $30 at the end of each month for the first 3 months and $120…

A: Rate of return = ( amount received at the end - amount invested) ÷ amount invested.

Q: Lauren plans to deposit $6000 into a bank account at the beginning of next month and $175/month into…

A: Future Value is the value which is measured at a specified date at a given interest rate,  it can be…

Q: You decide to open an individual retirement account (IRA) at your local bank that pays 8%/year…

A: A theory that helps to compute the present or future value of the cash flows is term as the TVM…

Q: A couple buys a $170000 home, making a down payment of 24%. The couple finances the purchase with a…

A: Purchase price = $170000 Down Payment= 24 % Finance For 15 years Rate = 3.35%

Q: Scottie wants to accumulate $30,000 for a down payment for a house. He can only afford to set aside…

A: Future value needed = $30,000Payment = $300 every half year (i.e semi annually)Interest rate = 7.5%…

Q: Today, Tiffany is starting to save up for a downpayment on a house. Currently she has $635 in an…

A: Down payment refers to the initial sum that is extended towards the purchase of something for which…

Q: Priscilla deposits $200 at the end of each month for seven years into savings account earning 5%…

A: Future Value is the value of current investments at a certain future date at the assumed…

Q: jose has determine dhe need to have $800000 for retirment in 30 years. His account earns 6%…

A: Amount need to be deposited in the account each month can be calculated using the formula of future…

Q: how much will Lauren have in her account at the end of 6 years? (Assume she makes no withdrawals…

A: The future value (FV) is a financial concept that represents the worth or value of a sum of money at…

Q: Nick saves $175 per month, deposited directly into his credit union account on payday, the last day…

A: In order to calculate the amount at the end of a specific period of time, the future value of the…

Q: A bank loans a family $90,000 at 4.5% annual interest rate to purchase a house. The family agrees to…

A: Compound = monthly = 12Present Value = pv = $90,000Interest rate = r = 4.5 / 12 = 0.375%Time = t =…

Q: n order to accumulate enough money for a down payment on a house, a couple deposits $769 per month…

A: using excel PV and FV function   =PV(rate,nper,pmt,[fv])  =FV(rate,nper,pmt,[pv]) Where, rate = rate…

Q: ane needs $30,000  to buy a new car in four years. How much should she deposit at the endof each…

A: We will use the concept of time value of money here. The concept of time value of money states that…

Q: One month from​ now, Kelly will make her first monthly contribution of ​$250 to a​ Tax-Free…

A: Future value = $55,000Interest rate = 7% compounded annuallyMonthly contributions = $250

Q: Lauren plans to deposit $5000 into a bank account at the beginning of next month and $150/month into…

A: Time value of money (TVM) refers to the method used to measure the amount of money at different…

Q: Alice Reed deposits $16,500 in Rye Bank, which pays 10% interest compounded semiannually.  What will…

A: In this we have to calculate the future value of the present value.

Q: Carol borrows $27,663 to help pay for expenses. The loan is for 7 years and carries an annual rate…

A: Amortization is a financial concept that refers to the gradual repayment of a debt, typically…

Q: In order to accumulate enough money for a down payment on a​ house, a couple deposits $ 234 per…

A: Here, The future value is "FV". The periodic payments are "P". The interest rate is "r". The…

Q: A couple borrows $935,000 for 7 years for the purchase of a vacation home at interest rate of 7…

A: The objective of the question is to calculate the annual payments on a loan and the reduction in the…

Q: how much should the couple withdraw each month? If the couple decides to withdraw $6,000 a month…

A: An Annuity is a series of payments of fixed amounts and at fixed intervals. These can be of two…

Q: A​ woman, with her​ employer's matching​ program, contribute ​$700 at the end of each month to her…

A: Monthly withdrawal refers to the amount that is withdrawn from the bank on the respective date of…

Q: In order to accumulate enough money for a down payment on a house, a couple deposits $321 per month…

A: The future value of an ordinary annuity is the value of a series of equal payments made at regular…

Q: When Jasmine retires she has $950,000 in a retirement account that earns 6% annual interest,…

A: Using PMT function in excel

Q: You plan to deposit $200 at the end of every six months for 8 years starting at the end of month 6.…

A: Answer: Calculation of the amount that will be available to withdraw at the end of year 15: The…

Q: A couple would like to accumulate $20,000 in 3 years as a down payment on a house, by making…

A: The objective of the question is to find out the amount of weekly deposit that the couple needs to…

Q: A couple who borrow $80,000 for 15 years at 7.2%, compounded monthly, must make monthly payments of…

A: A loan is a financial arrangement in which one or more people, companies, or other entities lend…

Q: Caesar is paid monthly and deposits $300 each pay period into a savings account. Money invested in…

A: Variables in the question:PMT=Monthly deposit=$300Rate=4% (compounded monthly)N=7 yearsWorking…

Q: Abigail received a 15 year loan of $280,000 to purchase a house. The interest rate on the loan was…

A: Mortgage loans are paid by equal periodic and fixed payments and these carry the payment of interest…

Q: In order to accumulate enough money for a down payment on a house, a couple deposits $244 per month…

A: Future value refers to the future worth of a present sum. Annuity refers to the periodic payment…

Q: A man deposits ​$19,000 at the beginning of each year for 9 years in an account paying 6​%…

A: Future value refers to the method of time-value of money used for calculating the value of the…

Q: You decide to save $7700 by making monthly deposits for 9 years into an account which pays 7%…

A: The present value of the annuity is the current worth of a cash flow series at a certain rate of…

Q: Pete opens a simple intrest savings account that earns 5% annual interst with an intial deposit of…

A: Simple Interest Rate = r = 5%Initial Deposit = d = $3500Time = t = 18 / 12 = 1.5 Years

Q: Fritz Benjamin buys a car costing $14200. He agrees to make payments at the end of each monthly…

A: An amortization schedule is a complete table of periodic loan payments, showing the amount of…

Q: Rebecca borrowed $20 400 from her local credit union to pay for the upgrades in her kitchen. She…

A: Interest on borrowed funds refers to the additional amount charged by a lender for the privilege of…

Q: In order to accumulate enough money for a down payment on a house, a couple deposits $668 per month…

A:

Retirement Income

Retirement income is the income received by the retiring person after retirement. Income can either be paid every month or paid annually. The retiree would get a guaranteed income until their death. Retirement income payment differs from person to person based on their investment type and payment method. Some are paid on a lump-sum basis and some are paid in a regular series with fixed payment or variable cash flow. Retirement income can be created from retirement savings, investment, salary, bonus, and wages from employment. Every working individual should plan their retirement income according to their income goals for the future. The plan should be made by identifying suitable income sources, estimating future expenses, applying a savings plan, and managing risk and assets. The most common age for retirement is between 60-65 years.