Rachel wants to save money to buy a motorcycle. She invests in an ordinary annuity that earns 2.4% interest, compounded quarterly. Payments will be made at the end of each quarter. How much money will she need to pay into the annuity each quarter for the annuity to have a total value of $6000 after 6 years? Do not round intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the list of financial formulas. $ X S

Q: Cyrus deposit $744.88 Each quarter into an annuity account for his child college fund. He wishes to…

A: Given that Cyrus deposited $744.88 each quarter into an annuity account. The future value he wish to…

Q: Sandeep borrows $20,000 for a new car. The bank offers him an annual interest rate of 9% compounded…

A: Given that the borrows amount PV= $ 20,000 Interest rate  r=9%=9100=0.09compounded monthly…

Q: Sam borrows $28 000 to buy a new car at a flat interest rate of 9% per annum over 3 years. How much…

A: It's a question of flat (simple) interest rate. We will calculate interest, add the same to the…

Q: Peter purchased a cottage for $360,000. He paid $32,500 down and agreed to make equal payments at…

A: Solution-The price of the cottage =$360000Down payment=$32500Rate(r)=3.2% or 0.032Time(t)=8…

Q: If $10,500 is borrowed for 5 years at an annual simple interest rate of 1.73%, how much interest…

A:

Q: $102 is invested in an annuity at the end of every month at 8.5%.  Find the value of the annuity at…

A:

Q: On September 12, Jody Hansen went to Sunshine Bank to borrow $2,300 at 9% A.P.R.  Jody plans to…

A: Consider the equation

Q: find the time necessary to yield $30 on $450 at 8% simple interest. answer in months

A:

Q: To save for retirement, Karla Harby put $325 each month into an ordinary annuity for 16 years.…

A: Given that, To save for retirement, Karla Harby put $325 each month into an ordinary annuity for 16…

Q: Melanie places $5,000 into an account that earns 6% interest compounded daily. Approximately six…

A:

Q: Find the simple interest paid on a $470 loan at 6.9% annual interest for 3 months

A: Given:The principal amount (P) is $470.The rate of interest (R) is 6.9% per year.The number of terms…

Q: Mary deposits $9,000 in a bank account that guarantees a simple interest rate of 7.5% per year. How…

A:

Q: Find the cost of purchasing an annuity that pays $25,000 per year for 20 years. The interest rate is…

A:

Q: John got a part time weekend job at a local restaurant to save for a new car. He plans on depositing…

A:

Q: David plans to purchase a motorcycle. He needs to borrow $7500 and interest is 8% per annum…

A:

Q: Maura received $1000 from friends and family for college graduation. If she deposits her money into…

A:

Q: To save money for her son's college tuition, Keiko invests $89 every month in an annuity that pays…

A: Periodic payment, number of periods in 20 years, Interest rate per period, Formula used: Future…

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

A:

Q: To save for retirement, Karla Harby put $475 each month into an ordinary annuity for 18 years.…

A: Amount karla put before interest (P) = 475 Tenure (t) = 18 years = 18 *12 Intrest will be compounded…

Q: A bond pays dividends of $110 at the end of each year. If the bond matures in 20 years, what is the…

A:

Q: 36,000 is invested at 5.5% compounded annually for 8 years. a. Find the final amount b. Find the…

A:

Q: Kevin takes out a $350 000 mortgage for 30 years at 2.05% annual interest compounded quarterly. His…

A: The EMI i.e. the monthly payment required to be done by Kevin includes the interest component to be…

Q: Find the simple interest of $1,000 borrowed at 6% for 4 years.

A: Given: The principal amount = $1000. The rate of interest = 6%. The time =4 years.

Q: For her daughter's education, Georgina Harcourt has invested an inheritance in a fund paying 3.7%…

A: Given,PMT  Number of years  Interest  compunded annually

Q: To help pay for college expenses, Julie Davis borrowed $10,000 at 7% interest compounded…

A: Given data, Principal P=$10,000 Rate r=7%=0.07 Time t=8 years Compounded semi-annually n=6

Q: Daisy invests $75 per month in an annuity that pays 4% interest. Determine the future value of the…

A:

Q: s a savings plan for college, when their son Bob was born, the Wilburs deposited $10,000 in an…

A: This is a basic question testing the application of compound interest. We just have to plug-in the…