Mike is a first year university student who is trying to understand his financial situation. Mike currently lives 1.5 miles away from campus. He works part time in a retail centre that pays him £800 per month. Mike saves £200 out of the part time job pay for his further education plan. 4.Assuming Mike is saving the same amount per month in the next 3 years. How much does Mike get for his saving after 3 years, if his saving account pays simple interest rate 3% per annum?

Q: Suppose you purchase a refrigerator for $1,275 and make payments of $59.91 per month for 2 years.…

A: We can solve this as follows:

Q: The principal P - $6300 is borrowed at simple interest rate r= 4.5% for a period of time t= 16…

A: Solution:-    Given   P=$6300                                       r=4.5%…

Q: You think you need $1.5 million and your retirement advisor thinks you will average 6% a year on…

A: NOTE: Refresh your page if you can't see any equations. . here we have FV=1.5million=1500000 n=1 for…

Q: Suppose that you took out a loan at 12% interest for 200 days. If the amount of interest was…

A: You can calculate Interest on your loans and investments by using the following formula for…

Q: Samuel opened a savings account that pays 1.8% interest compounded monthly with S7,000. If he leaves…

A: The mathematical formula for calculating compound interest depends on several factors. These factors…

Q: Roslyn plans to use her savings to pay for a holiday. The holiday will cost $6000.  What minimum…

A: Sol

Q: Suppose you have budgeted $ 1130 a month towards a mortgage. If you are offered a 30 year mortgage…

A: Given that, the monthly payment towards a mortgage is $1130, the number of years is 30 years and the…

Q: Ellen has maxed out her credit card at $17,500 and vows not to make any other credit card purchases.…

A: Given:Principal= $17500Minimum monthly payment = 1.8% of interest per month + 4% of Principal…

Q: you can buy a car for $25200 or lease the same car for 3 years for a down payment of $1500 and…

A: Consider the given information.  The basic price of the car is $25200.    If you are taking a car on…

Q: Huck borrows $3500 from his parents and has agreed to pay back the loan in 2 years. How much money…

A: Explanation of the answer is as follows

Q: Your credit card has a balance of $3200 and an annual interest rate of 16%. You decide to pay off…

A:

Q: Suppose you want to save in order to purchase a new boat. Take the APR to be 9.2%. You want to have…

A:

Q: Deer construction just purchased a new track hoe attachments costing 12500 dollars. The CFO John…

A:

Q: A person owes $1000 on a credit card that charges an interest rate of 2% per month. Complete this…

A: solutionGivenInterest rate=2% per monthowes=1000$

Q: The price of a home is $220,000, financed at 7% with a 30 year fixed rate. 20% down and 3 points…

A: The down payment is = Price of Home × percentage of down payment = $( 220,000 × 20%)…

Q: You make a payment of $300 at the beginning of each month into an account that 3.6%annual interest.…

A:

Q: Solve for just one out of the two options by finding the monthly payment and the total interest of…

A: Given For new car , Cost = $28,000 , time = 4 year , interest = 6.12%For used car , Cost = $16,000 ,…

Q: Alyssa puts $4000 into a saving plan for 10 years at 7.8% annual simple interest. Four years into…

A:

Q: A new investment opportunity for you is an annuity that pays $850 at the beginning of each year for…

A: Give information Amount A=$850 Time t=3 years Rate of interest r=5.5% ⇒r=5.5100=0.055 Formula used :…

Q: A gold mine is expected to yield an annual income of $90000 for the next 24 years, after which it…

A: To determine the value of the mine, it is required to find the present value of the expected income…

Q: You invest $2,000 in a mutual fund paying 9% interest. It takes about 7 years for your initial…

A: It has taken 7 years for the money to double. So, it will take another 7 years to double again if…

Q: Worksheet 3 5. Find the total monthly payment for a $225,000 mortgage loan at 4.25% for 30 years.…

A: To compute monthly payment for the loan we have to use the formula,  Monthly installment =…

Q: Use PMT = . Round to the nearest dollar. Suppose that you borrow $10,000 for four years at 7%…

A: To Find: The monthly payments and the total interest for the loan.