Mark loves pizza and decides he wants to open his own Italian restaurant in 6 years Mark deposits $1498 per month at the end of every month for savings. His bank will pay 16% interest annually, compounded monthly, on his savings account What will Mark's balance be in 6 years?

Q: Amna has a housing loan of $50,000 over 15 years with a 6% interest rate. According to the Bank he…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: On Lorenzo first birthday his parents deposited 7000 into a savings account that earns a fixed rate…

A: Data given: Amount deposited on 1st birthday=$7000  (Assumed currency=$) Rate=4% (compounded…

Q: After graduation, you plan to work for Dynamo Corporation for 12 years and then start your own…

A: To solve this question, we will use the concept of time value of money.The basic requirement is to…

Q: Chris decides to take out a loan for $60, 000 for 6 years at 5% monthly. If he pays an extra $200…

A: Here,LoanAmount is $60,000Time Period is 6 yearsInterest Rate is 5%Compounding Period is Monthly i.e…

Q: Matt plans to start his own business once he graduates from college. He plans to save $1,700 every…

A: Future value is the value of all payments accumulated or annuity paid at future date with interest…

Q: APR

A: Formula to calculate the future value is: FV = p*[(1+r)^n-1]/r

Q: The first savings account Hector is opening is for emergencies only.  He has $1500 to invest now.…

A: Here,Investment made today (PV) is $1500Interest Rate (r)  is 7%Time Period (n) is 15…

Q: Derek currently has $13,229.00 in an account that pays 6.00% He will withdraw $5,251.00 every other…

A: Savings account:A savings account is a financial tool offered by banks and credit unions that…

Q: Derek currently has $12,962.00 in an account that pays 5.00%. He will withdraw $5,837.00 every other…

A: Cash Flow at year 0=$12,962.00Cash Flow at for year 1,3,5,7,9,11,13,15= $5,837.00 Cash Flow at year…

Q: George is a 22 year old college student who wants to start saving for retirement. He decides to…

A: Future value refers to the value of current asset at some future date affected by interest or…

Q: Pete Leary wants to attend College. Seven years from today he will need $30,000. If Pete's bank pays…

A: Present value refers to the current amount of the future payment in a specified period of time. It…

Q: Alex estimates that he will have $47,500 in student loans by the time he graduates. The interest…

A: Here, Present Value is $47,500 Interest Rate is 7.2% Therefore, the Monthly Interest Rate is : Time…

Q: Jack borrows $28,163 to pay for a car. The loan carries an annual rate of 5.7% and he wants to be…

A: ANSWER: Interest on loan = $6,021.6163328  (or) $6,022 EXPLANATION:- Present Value (PV) = $28,163…

Q: After graduation, you plan to work for Dynamo Corporation for 12 years and then start your own…

A: The FV of an investment refers to the combined value of the cash flows of the investment at a…

Q: To secure the future of his son, a man plan to deposit P50,000 in a bank account every quarter for 5…

A: Effective interest rate There is different frequency of deposited amount and the compounding of…

Q: Benji wants to purchase a new car in 4 years. He plans on putting $8,000 down. He will be putting a…

A: let payment be = A r=9% m=12 (monthly compounding) n =4 FVA = $8000

Q: Matt plans to start his own business once he graduates from college. He plans to save $3,000 every…

A: Time value of money is a financial concept which is used to analyze various investments and…

Q: Gwen decides to make regular deposits every month into an account that earns 8% annual interest,…

A: The question is based on concept of present value and future value of money .  formula as: FV=pmt…

Q: Juan decided to start savings for college.  He deposited $500 into an account which earns 4% simple…

A: Simple interest is the interest that is determined on the original deposit made to the account. In…

Q: Derek currently has $13, 229.00 in an account that pays 6.00%. He will withdra 5, 251.00 every other…

A: Value of money changes with time and not same again.The concept of time value of money will be used…

Q: How much will they have in this account at the end of 1 year?

A: Information Provided: Term = 1 year Interest rate = 24% compounded monthly Monthly deposit = $1000…

Q: Harold starts saving in order to fund his children's education. He decides to deposit $120 each…

A: The value of an asset at a future date is called future value.

Q: Matt Johnson delivers newspapers and is putting away ​$18 at the end of each month from his paper…

A: Monthly payment (P)  = $18 Period = 6 Years Number of monthly payments (N) = 6*12 = 72

Q: Michael wants to have $63,000 in 9 years on a savings plan that requires monthly contributions.  If…

A: Future Value = fv = $63,000Compound = monthly = 12Time = t = 9 * 12 = 108Interest rate = r = 7 / 12…

Q: Derek currently has $13,602.00 in an account that pays 5.00%. He will withdraw $5,708.0O every other…

A: The characteristics of withdrawal vary depending on the drug being stopped. Anxiety, fatigue,…

Q: Bozo the clown decides to start saving money. So, every month he deposits $200 into an account which…

A: The future value refers to the value of the annuity or the cash flow at the future date. The future…

Q: tion, you plan to work for Dynamo Corporation for 12 years and then start your own business. You…

A: In compounding of interest there is interest on interest including interest on deposit amount due to…

Q: What semi-annual deposits does Adrian have to make?

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

Q: Willie Wilson plans to borrow $21, 185 at the beginning of each of his 4 years of college. He will…

A: Step 1: Given Value for Calculation Present Value of Borrowing = pv = $21,185Time = t = 4…

Q: Your cousin is currently 12 years old. She will be going to college in 6 years. Your aunt and uncle…

A: The concept of time value of money will be used and applied here.As per the concept of time value of…

Q: Tika has $10 000 that he can deposit into a savings account for 5 years. ANZ pays compounds interest…

A: Time value of money- It is based on the concept that money earned today is worth more than similar…

Q: Derek currently has $11, 936.00 in an account that pays 5.00%. He will withdraw $5,341.00 every…

A: Savings Accounts is a deposit facility offered by commercial banks and it allows accountholder to…

Q: Mike's parents decide to deposit an amount of money at the end of every month into a bank account…

A: Annuity is a series of equal receipts/payments made at a regular interval of time  over a fixed…

Q: Steven just deposited $10,000 in a bank account that has a 12% interest rate.  Steven also plans to…

A: Future value is a concept in finance that refers to the amount of money an investment or a series of…

Q: open a savings account that pays 5% interest compounded quarterly and he will be making $150 qu…

A: Future value is amount deposited and compound interest earned on that.

Q: Metehan Atay invests 550 pounds per week in the bank for an investment that will earn him 20% per…

A: An annuity is a sequence of periodic cash flows with a fixed amount at equal time intervals over a…

Q: Shelly deposits the $2000 she got as a birthday gift from her grandmother into an account earning…

A: The company would be considering the value for future through the compounding of interest rates over…

Q: Your cousin is currently 12 years old. She will be going to college in 6 years. Your aunt and uncle…

A: Time value of money concept says that a dollar amount invested today will have more value in future…

Q: John and Rosamond want to retire in 6 years and can save $190 every three months. They plan to…

A: The time-value-of-money concept is used to determine the actual worth of money you have now and what…