o create a college fund for your child. Suppose you find a fund that offers an APR of 6%. How much should you deposit monthly to accumulate ​$89,000 in

Q: You have an opportunity to invest in a fund that has a yearly interest rate of 6%. How much should…

A: From the given information, it is observed that FV = $15,000, r = 6%, that is, r =0.06 and t = 3.…

Q: mple mteiest was eanmed of deposit earned an interest rate of %.

A: In this question, the concept of Simple Interest is applied. Simple Interest Simple interest is a…

Q: Consider a credit card with a balance of $8000 and an APR of 21%. If you want to make monthly…

A: According to the given data, find the total amount:

Q: Suppose you’d like to save enough money to pay cash for your next used car. The goal is to save an…

A: Given that, to save an extra $8000 over the next three years.To find the amount of monthly payments…

Q: A retiree invests $8,000 in a savings plan that pays 6% per year. What will the account balance be…

A: Given  invested amount  =  $ 8,000 intrest rate  = 6% per year

Q: You want to be able to withdraw $40,000 from your account each year for 25 years after you…

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Q: You have $400,000 saved for retirement. Your account earns 10% interest. How much will you be able…

A: Value(P) = $400,000  Interest (r) = 10%  = 0.10 Time (t)= 15 years  Payout annuity :  P = PMT * (1-(…

Q: An individual borrowed ​$78,000 at an APR of 3​%, which will be paid off with monthly payments of…

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Q: You have $2,500 on a credit card that charges a 14% interest rate. If you want to pay off the credit…

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Q: Consider an investment of $1,500 for four years at 3.75% simple interest. a. Find the amount of…

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Q: If you start working with a savings account with a $.25 in it and your boss double it each day for 3…

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

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Q: Suppose you decide to give up your weekly trip to Amy’s ice cream and instead deposit the $12 you…

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Q: You can afford a monthly payment of $375 for a new car loan.  You want the loan to last for 5 years…

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Q: Calculate the amount of SIMPLE interest earned on an investment of $1000 at 4% for 6 years

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Q: You want to be able to withdraw $45,000 from your account each year for 30 years after you retire.…

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Q: A mutual fund pays a yearly interest of 3.4%. If you invested $7,000 for 5 years, what is the value…

A: Given, Invested amount=7000$ rate of interest= 3.4% No of years=5  Investment after 5 years =?

Q: A bank offers a CD that pays a simple interest rate of 5%. How much must you put in this CD now in…

A: First, always look for what you are asked to find. Here it is how much you must put into a CD.…

Q: You have $2,000 on a credit card that charges a 21% interest rate. If you want to pay off the credit…

A: The objective of this question is to calculate the monthly payment required to pay off a credit card…

Q: Johnson Trucking Company wil have a $40,000 payment due in 5 years. How much would they need to…

A: Thanks for the question :)And your upvote will be really appreciable ;)

Q: You want to save $20,000 for a down payment on a home by making regular monthly deposits over five…

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Q: Your company provides a 50% matching toward your retirement. If you deposit $200 each month into a…

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