Marek is collecting simple interest on a $1,000 CD with an annual rate of 2.40%. What was his monthly interest rate and how much total interest did Marek earn when his CD matured at 42 months?

Q: Marek is collecting simple interest on a $1,000 CD with an annual rate of 2.40%. What was his…

A: Principal = $ 1000 Annual interest rate = 2.40%

Q: Michael purchased a laptop in installment basis worth 25800 and he needs to pay 3200 per beginning…

A: Laptop price (P) = 25800 Quarterly payment (Q) = 3200 at the beginning r = 2% per annum = 0.5% per…

Q: Margo borrows $900, agreeing to pay it back with 4% annual interest after 14 months. How much…

A: The amount borrowed is recorded as principal amount and extra amount paid to pay off the loan at…

Q: Henry Jones is planning to retire in 15 years. He wishes to deposit an equal amount (A) every 6…

A: Time period = 15 years  Time duration semi-annual compounding Interest rate = 14% Semi-annual…

Q: Togo's monthly salary is $1080 and his monthly expenses are on average $750. Togo is looking at some…

A: Investments providing a compounding interest rate calculate interest on the principal as well as…

Q: Hanna invests $8400 for 8 years and 10 months. The account earns 5% semiannually. What is n for the…

A: Basic Details: Investment = $8400 Time = 8 Years and 10 Months Interest = 5% semi Annually

Q: Aidan deposits $1000 at the end of each quarter in an account that pays 5.25% per year, compounded…

A: Solution: An equal amount invested every period is called annuity. So, future value of annuity = PMT…

Q: David invests $300 into an account with a 2.3% interest rate that is compounded semiannually. How…

A: Time value of money (TVM) refers to the method or concept which is used to determine the amount of…

Q: A has been paying rent of $850 at the beginning of each month for the last 12 years. If he had…

A: Annuity refers to series of equalized payments that are paid or received at start or ending of…

Q: Harlan made equal payments at the end of each month into his RRSP.if interest in his account is 9.6%…

A: First of all concer everything in to semi annual formate than answer will be very easy FV= 17500 No.…

Q: Mr. Abdullah borrows $80,000 at 14 percent interest toward the purchase of a home. His mortgage is…

A: Given: Interest rate = 14% Loan = $80,000 Years = 25

Q: When Austin retires in 18 years, he wants to receive $250.00 payments at the start of every month…

A: Retirement Period = 18 years payment = $250 Interest rate = 2.6% (Compounded semi annually)

Q: At the age of 35 John began contributing 10,500 Php every month to a retirement fund. If his money…

A: Using excel nper function

Q: Ralph has just borrowed 1200 dollars to purchase a new stereo, at a nominal rate of interest of 12.2…

A: Here, Borrowed amount is $1,200 Interest rate is 12.2% Compounding period is Monthly i.e 12 Monthly…

Q: Ron has made deposits of $80.00 into his savings account at the end of every three months for 10…

A: The compound interest is when the interest earned in a period is reinvested thereby earning more…

Q: Lars has been approved for a $425,000, 20-year mortgage with an APR of 5.125%. a. What is his…

A: given, principal amount =$425,000 n=20 years r=5.125% m=12

Q: Claire has invested ​$11,000 in a 24​-month CD that pays an annualized rate of 3.98​%. How much…

A: The interest amount is the interest earned on the investment amount that is invested for the…

Q: Margo borrows $900, agreeing to pay it back with 5% annual interest after 10 months. How much…

A: Interest is the amount that an investor receives on the principle amount over certain period of…

Q: Being cautious with money, Cyril has contributed $1,700 at the start of every month into an RRSP,…

A: value of investment in 10 years from now can be calculated using following function in excel. FV…

Q: Darien invests $10,000 in an account that pays 3.2% interest per year, compounded semi-annually.…

A: The amount of money can be calculated as future value of the principal amount.

Q: ictor received an 8-year subsidized student loan of $22,000 at an annual interest rate of 4.85%. If…

A: The question gives the following information:

Q: Larry has decided to take out a loan for college. He expects to graduate 5 years and 6 months later…

A: Interest rate is the rate of interest earned/paid on an investment/loan. The interest will be paid…

Q: Greg owns two debt payments - a payment of $5338 that was due in 11 months ago and a payment of…

A: The concept of the time value of money states that the same amount of money is worth more today than…

Q: Daniel owns a homestay that yields annual rent of RM30,000. There is a rent payment due today and…

A: The value of the amount after two years which is to be computed at given interest rates is termed as…

Q: Emilio desires $9,000 as the proceeds of a 90-day loan from Winston who charges 5% interest in…

A: Time has been valuable in all aspects but in terms of finance, time has a money value. The worth of…

Q: Peter deposits $75 at the end of each quarter for 15 years into an account that pays 3.14%…

A: Given data; payment amount= $75 number of years = 15 annual rate = 3.14% compounding frequency = 4…

Q: Peter is saving $5,000 monthly deposit into an account that pays 7% compounded monthly. What would…

A: Monthly deposit (P) = $ 5000 Interest rate = 7% Monthly interest rate (r) = 7%/12 =…

Q: Harlan made equal payments at the end of each month into his RRSP. If interest in his account is…

A: Calculation of size of monthly payment: Answer: Size of monthly payment is $174.84

Q: Helen is buying a $12,375 car with a $3000 down payment, followed by 36 monthly payments of $325…

A: Given data; Price of car = $ 12,375 down payment = $ 3000 number of payments = 36 monthly payment =…

Q: Sean purchased an interest-bearing promissory note for $11,000.00 at 5.00% p.a., due in 90 days. If…

A: The promissory note refers to a debt instrument that is issued by a person who writes a note by…

Q: When Austin retires in 18 years, he wants to receive $250.00 payments at the start of every month…

A: given, till retirement: n = 18 years m = 2 r= 2.6% LET SEMI ANNUAL PAYMENT = A after retirement n =…

Q: Brian borrows $ 7500 from his friend at an annual 6% interest rate, which he will pay five years…

A: Future value is the value of the present cash flows after certain period. Due to interest that can…

Q: A man is planning to retire in 20 years. He wishes to deposit a regular amount every three months…

A: Annual payments he will receive = $95000 Time period = 18 years  Interest rate = 8% Compounding =…

Q: At the end of every 3 months, Sam deposits $150 into an account that pays 6% compounded quarterly.…

A: Investors invest in particular securities with an expectation of receiving some gains in future. The…

Q: Juancho is required to pay P1,800 at the beginning of each quarter for the next 3 years for his…

A: Due to compounding the interest on the increase with increase in compounding. So effective rate is…

Q: When Michelle retires in 12 years, she wants to receive $250.00 payments at the start o every month…

A: An annuity is the equal amount of payment that has to be paid over the period.

Q: Gerein wishes to have P35,000 when he retires 15 years from now. If he can expect to receive 4%…

A: The future value of annuity due is the total future value of each cash flow which is made at the…

Q: If Jackson deposits 100 dollars at the beginning of each month in a savings account earning interest…

A: Given information: Payment made at each year amounted to $100 Number of years is 6, Interest rate is…

Q: Jerome deposited $5,000 into an 18-month CD that earns a simple interest rate of 2 1/4%. How much…

A:

Q: Lisa is depositing $1,600 in a​ six-month CD that pays 2.83​% interest. How much interest will she…

A: A certificate of deposit (CD) is a savings account that holds a fixed amount of money for a fixed…

Q: Ali deposits BD 2,500 in a savings account that pays interest at the rate of 5.5% per year,…

A: Given information : Deposits 2500 Interest rate 5.50% Time period (years) 14 The given…

Q: Eleven months after borrowing money, Dorah pays an interest of ₱2,800. How much did she borrow if…

A: In order to find the principal amount one has to find the yearly interest rate and then principal.

Q: blake purchased an annuity that had an interest rate of 2.50% compounded semi- annually. it provided…

A: Solution- 2.50% interest rate semianually=2.52=1.25%=1.25100=1+r6-1=1+r=1.002072Monthly…

Q: Dana has made a down payment of $100,000 on a recent home purchase for $300,000. She was able to…

A: Using excel PMT function

Q: How much Alex must deposit annually if he wants to have $800,000 in 25 years by making equal annual…

A: Annual payments refers to the periodic payment which can be used for a variety of purposes like for…

Q: Mike has a credit card balance of $30,000. The annual interest rate is 17%. He is required to pay a…

A: Credit Balance  $  30,000.00 Annual Interest Rate  17% Minimum Payment 4% or  $        50.00…