Justin received an excellent interest rate for his loan of $7,000. Calculate the nominal interest rate compounded semi-annually if the loan accumulated to $7,515.68 in 7 years and 6 months.

Q: Suppose you want to have $400,000 for retirement in 25 years. Your account earns 9% interest. How…

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Q: Sarah invests $4848 in a savings account with an annual interest rate of 5% compounded 2 times per…

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Q: Audrey deposited $12,000 into an account paying 5% interest compounded twice a year. How long will…

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Q: A loan of  $12,400 is to be repaid with monthly payments for 5 years at 12 % interest compounded…

A: To calculate the monthly payment, we can use the formula for the monthly payment on a loan with…

Q: Duke invested $12000 into an account earning 7.5% interest compounded quarterly. Find the value in…

A: Given: Principal amountP=$12000, interest rate quarterlyr=7.5%, timet=20 years We know that if…

Q: Jayden just graduated from college and owes $19,400 on his student loans. The bank charges an annual…

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Q: Towed $3000 from his brother Dave. He agreed to repay the money at the end of 2 year the money had…

A: In this question, the concept of compound interest is applied. Compound Interest Compound interest…

Q: John got a part time weekend job at a local restaurant to save for a new car. He plans on depositing…

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Q: Maura received $1000 from friends and family for college graduation. If she deposits her money into…

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Q: Calculate the simple interest earned in 1 year on a deposit of $1900 if the interest rate is 8%.

A: *** This is the problem related to financial mathematics and we are Advanced math expert and have…

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

A: The objective of this question is to find out how much money needs to be deposited each month in an…

Q: Johnson placed $15,000 into his credit union account paying 7% compounded semiannullay. How much…

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Q: John deposits $2,000 into a CD that guarantees a 5.8% annual interest rate, compounded yearly. How…

A: Initial deposite= P= 2000 Final amount=A=? Time=t= 4 years  Interest rate = 5.8%=0.058  Number of…

Q: John made periodic deposits of $300 to Floor Bank, which pays 8% interest compounded semiannually.…

A: Given: The value of Periodic Deposit is $300 The value of Annual Interest Rate is 8.00% compounded…

Q: Find the simple interest Jolie owes on a 2-year loan for $8,000 to buy a used car at the rate of 9%…

A: The objective of this question is to calculate the simple interest Jolie owes on a 2-year loan for…

Q: Kevin takes out a $350 000 mortgage for 30 years at 2.05% annual interest compounded quarterly. His…

A: The EMI i.e. the monthly payment required to be done by Kevin includes the interest component to be…

Q: Janet’s payments on her $12,500 car are $420 a month for 3 years. Assuming that interest is…

A: Janet’s payments on her $12,500 car are $420 a month for 3 years. P = $12,500, t = 3 years & n =…

Q: To help pay for college expenses, Julie Davis borrowed $10,000 at 7% interest compounded…

A: Given data, Principal P=$10,000 Rate r=7%=0.07 Time t=8 years Compounded semi-annually n=6

Q: Find the principal invested if $495 interest was earned in 3 years at an interest rate of 6%.

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Q: Find the value of a savings account with monthly deposits of $200 for two years into an account that…

A: Here we have to find the value of a savings account with monthly deposits of $200 for two years into…

Q: Taylor took out a student loan for $69,000 and agreed to pay it off with monthly payments over 4…

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Q: Jim financed the purchase of a new car. If the loan had an annual rate of 3.25% compounded annually…

A: By using formula we solve the given problem as follows :

Q: Ayana received a family gift for $2,500 for graduation. She wants to invest it for 4 years at a rate…

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Q: Matthew deposited $1,300 at the end of every month into an RRSP for 8 years. The interest rate…

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