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Philip borrows P30,000 with interest at 7.5% compounded quarterly. He agrees to pay P600 at
the end of each quarter. How long must he pay?
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- Does the compounding increases the amount of interest paid over a year atthe same nominal interest rate?How long will it take GH¢2,000 to accumulate GH¢800 interest at 10% compounded quarterly?Jane deposits $5,000 in a bank account that earns 6% interest compounded semi-annually. How much money will she have after 10 years?
- You are borrowing $500,000 to buy a house. The interest rate is 4% compounded monthly. What is difference in monthly payments between a 15 year and a 30 year mortgage? What is the difference in interest paid?You want to buy a $32,000 car. You can finance the car for 1.5% interest for 6 years. What is your monthly payment? Assume monthly compounding. Do not enter the negative sign from your calculator (if there is one) or the dollar sign. Round to two decimal places.9. Accumulate $ 300 for nine years at 6% compounded quarterly. What is the compound interest earned?
- How much must be deposited at the beginning of each year in an account that pays 5%, compounded annually, so that the account will contain $20,000 at the end of 7 years? (Round your answer to the nearest cent.)How much would you need to deposit in an account today that earns 5.5% interest compounded monthly if you want to have $1500 saved in 2 years? Assume monthly compounding. Round your answer to two decimal places.You borrow $700,000 at 3% interest for 30 years on a mortgage. How much total will you pay back on the loan? Assume monthly compounding and round to two decimal places. Hint: Multiply the number of payments by the amount of the payment.
- You want $12,000 in your IRA in 6 years. Assuming you get 8% compounded quarterly, how much will you need to put in each quarter?If you borrowed $24,000 at 12% annual interest. You agreed to repay the loan with five equal annual payments. How much of the total amount repaid is interest? How much of the third annual payment is interest, and how much principal is there? If you decided to pay off your loan after the third payment, how much will you pay?At 10% compounded annually, how long will it take for money to double itself?