Part 1How long will it take to save $1701.00 by makingdeposits of $146.00 at the end of every year into anaccount earning interest at 7% compoundedannually? State your answer in years and months (from 0 to 11 months).Question content area bottomPart 1It will takeenter your response here year(s) andenter your response here month(s).

Step 1: Identify the formula to be usedFormula for Ordinary Annuity (annuity paid at the end of each…

Answered: Part 1 How long will it take to save…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Goal To use recursive sequence to determine the amount money owed on a loan after months Role You are a loan officer at a mortgage company. Audience Jim and Joan Miller are customers applying for a mortgage. Situation Jim and Joan Miller are borrowing $120,000 at 6.5% per annum compounded monthly for 30 years (360 months) to purchase a home. Their monthly payment is determined to be $758.48. Performance Task You need to present Jim and Joan with a report detailing the following: • Arecursive formula for their balance after each monthly payment has been made. • To do this, use the formula: a, = an-1 (1+r) – 758.48 A determination of Jim and Joan's balance after the first payment. Don't forget the interest affecting their payment! • Use a spreadsheet or graphing utility to create a table showing their balance after each monthly payment. • Determine when the balance will be below $75,000. • Determine when the balance will be paid off. • Determine the interest expense when the loan is…
3 How much is accumulated in each of the following savings plans over X years? X= Y= Z= A= 1 years 30 $ 20 $ 24% $Y deposited at the end of each month at A% compounded monthly Try Again $Z deposited at the end of the first month, $Z+1 at the end of the second month, and so forth, increasing by $1 per month, at A% compounded monthly. Try Again
Question 6 You borrow $10,000 from a bank for three years at an annual interest rate of 12% compounded semiannually. Monthly payments will be made until all the principal and interest have been paid. What is your monthly payment? Use the editor to format your answer
You deposit $2000 in an account earning 3% interest compounded monthly. How much will you have in the account in 15 years? Question Help: Video 1 Video 2 Submit Question Search hp H ho
You can earn $ 44 in interest on a $ 1 comma 000 deposit for eight months. If the EAR is the same regardless of the length of the investment, how much interest will you earn on a $ 1 comma 000 deposit for: a. 3 months. b. 1 year. c. 1.9 years. Question content area bottom Part 1 a. 3 -months. For a 3 -month, $ 1 comma 000 deposit you will earn $enter your response here . (Round to the nearest cent). Part 2 b. 1-year. For a 1-year, $ 1 comma 000 deposit you will earn $enter your response here . (Round to the nearest cent). Part 3 c. 1.9 -years. For a 1.9 -year, $ 1 comma 000 deposit you will earn $enter your response here . (Round to the nearest cent).
Question content area Part 1 You deposit $1500 in an account with 3% annual compound interest. Complete the following, assuming you make no additional deposits or withdrawals. In how many years will the account be growing by $190 per year? It will be growing by $190 per year in approximately enter your response here years. (Round to nearest tenth of a year.)
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
Question 4 Suppose you want to have $400,000 for retirement in 20 years. Your account earns 6% interest. How much would you need to deposit in the account each month? Enter an integer or decimal number
whats the answer for 5
5 You have a credit card with a balance of $11,500 and an APR of 17.3 percent compounded monthly. You have been making monthly payments of $225 per month, but you have received a substantial raise and will increase your monthly payments to $275 per month. How many months quicker will you be able to pay off the account? Multiple Choice 28.75 months 25.88 months 24.64 months 9.29 months 26.83 months

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