Maula-pae Weaks urgently needed $100,000 to pay lawyer-fees after illegally withdrawing a letter, and was forced to borrow at 15% nominal from Krowley Kash-pit. Loan conditions were: monthly compounding, and repay with equal monthly payments over 3 years. Mr. Weaks wins a Quick-pick Cash-pot after the initial 12 payments, and wants to now pay off the remainder in uniform quarterly payments over the remaining 2 years; the original 15% nominal interest compounded monthly still applies. Determine the quarterly-payment amount

Q: An investment allows for end-of-year payments that grow by 2% per payment for 15 years, starting at…

A: A=$1100g=2%i=3.4%N=15 years

Q: 18 YEAR ANNUITY WITH 7.86% COMPOUNDED HOW MUCH TO PAY TO RECEIVE $1900 ANNUALY OVER 18 YEAR PERIOD

A: Compounding refers to a process in which the interest rate is charged on the investment as well as…

Q: b) $4,500 at the end of each year for 15 years at 4.75% compounded annually.

A: The amount invested each year = $4500 Total number of years = 15 years The interest rate earned in…

Q: Grandma wants to give you $420 at the beginning of each month while you are at school for 3 years.…

A: Periodic Payment (PMT) = $420 Time period = 3 years or 36 months n = 36 Interest rate = 4.8%…

Q: 6. Find the future value of RM10,000 which was invested for (a) 3 years at 6% compounded annually.…

A: ITEM 6To find the future value of the investments given the different compounding periods, we can…

Q: value of $ 20000 at the end of 10 years

A: (a) FV ($) = 20000 + (20000 x 7% x 10) = 20000 + 14000 = 34000

Q: Please show work

A: According to the question, an investment of $2,000 has made for 20 years at 8% per year. The amount…

Q: Calculate the future value for the following 3 problems Present Value Interest Rate Time (Years)…

A: Future Value takes into account the time value of money. It calculates the value of an asset at a…

Q: ← Occasionally a savings account may actually pay interest compounded continuously. For each…

A: Formula for the future value is given as: F = P(1+R/m)t*m F: future valueP : principle valueR : Per…

Q: Suppose that Rajiv borrows $50,000 at 5% per year to purchase equipment for his business. Complete…

A: Compound interest is the interest which is calculated on the initial principal, and it also includes…

Q: Calculate the finance charge on a home equity loan based on an average daily balance of $97,552…

A: Interest rate is the cost of borrowing or the return on lending money. It represents the percentage…

Q: If you desire to withdraw the following amounts over the next five years from the savings account…

A: Year Withdrawal 0   1 0 2 30000 3 33000 4 40000 5 36000

Q: Maha borrowed SR 200,000 to purchase a new car. What is the annual interest rate if the loan is to…

A: Maha borrowed SR 200,000 so the Principal amount (P) =200,000 Annual payments A = 50,000 Total…

Q: Elmo borrowed $30,000 from the Statler & Waldorf Bank at 12% APR, compounded monthly. The loam is to…

A: here we calculate monthly loan payment amount by following method as follow;

Q: Find the periodic payments PMT necessary to accumulate the given amount in an annuity account.…

A: We are required to accumulate an amount of $80,000, therefore, this amount is the future value. FV =…