Rachel is purchasing a new camera that costs $2000 . Rachel uses a credit card that has an APR of 16.77% . How much will she pay in total to pay off the purchase if she makes monthly payments of $50 ?

Q: To help you reach a $16,000 goal 8 years from now, your father offers to give you $4,000 now. You…

A: An amount deposited in a bank generates interest provided by the bank, which is a certain percentage…

Q: A bank is negotiating a loan. The loan can either be paid off as a lump sum of $100,000 at the end…

A: The correct answer is given in the second step.

Q: On March 25, you borrow some money for 120 days.  What is the maturity date?

A: Remaining Number of Days in March - (31-25) = 6  Number of Days in April - 30 Number of Days in May…

Q: You borrow $700,000 at 3% interest for 30 years on a mortgage.  How much total will you pay back on…

A: Compound interest is also referred to as "interest that is not simple." Compound interest does not…

Q: You want to buy a $32,000 car.  You can finance the car for 1.5% interest for 6 years. What is your…

A: The formula for monthly payment is calculated as follows: Monthly payment = Pr121+r12n1+r12n-1 where…

Q: You can afford a $1500 per month mortgage payment. You've found a 30 year loan at 7% interest…

A: Given:- Mortgage payment amount=$1500 Time frame=30 Years Interest rate=7% Please find detailed…

Q: A person borrowed $200 for one month and paid $30 in interest. However, she did not know whether the…

A: We can calculate the total amount to be repaid and the annual interest rate for both simple and…

Q: Question list O Question 1 K Mary's credit card situation is out of control because she cannot…

A:

Q: Jon’s grandfather was planning to give him $11,000 in 14 years.  Jon has convinced him to pay him…

A: Continuous compounding is the concept where the Compound-Interest for a principal is compounded to…

Q: A credit plan charges interest rate of 30% compounded monthly. Find its effective rate.

A: Given information, Interest rate: 30% Compounded period: 12 (monthly) To find: effective rate

Q: Michelle Hunter received $250,000 from an insurance company after her hus- band's death. Michelle…

A: An interest rate is the amount of interest due per period, as a proportion of the amount lent,…

Q: How much must be deposited at the beginning of each year in an account that pays 5%, compounded…

A: The compound interest formula is given as: A=P(1+r)t Where,  A is the final amount compounded on an…

Q: Tom Evers an attorney is planning for retirement. He earns $126,000 a year and estimates that he…

A: Given,  Tom earns $126,000 and estimates that he will need 80% of his salary for retirement in 10…

Q: You deposit $200 each month into an account earning 5% interest compounded monthly. a) How much will…

A: The future value of a deposit refers to how much the deposited money will grow over time,…

Q: You have two options for receiving money from an inheritance. Option 1 - Receive a single check for…

A: Here we are given the 2 payment options. And we will first derive the present value of both the…

Q: You are borrowing $500,000 to buy a house. The interest rate is 4% compounded monthly.  What is…

A: The per month payment is calculated by the following formula: PV=PMTi1-11+in where, PV= Amount of…

Q: hi the Rebate Fraction is incorrect

A: In this case, we have to discuss the rebate fraction. Rebate fraction is actually indicating the…

Q: Does the compounding increases the amount of interest paid over a year atthe same nominal interest…

A: The interest rate is the income earned by the investment in the economy. When the money is invested…