Subject : - Finanace  assume you currently have a chase sapphire preferred card with a balance of 12,000 dollars. Behind the honest sort, suppose you resolve to pay off the credit card in five years and the stated APr charged by the credit card company the credit card is 19.00%. How much would your monthy payments have to be to reach your goal?

Q: How much would you need to deposit in an account now in order to have $5,000.00 in the account in 13…

A: Simple interest is an interest that is calculated on the initial investment.

Q: A. B., ) How much will you have in the account in 7 years? 5.) How much interest will you have…

A: Since you have asked multiple questions, we will answer the first question. If you want any specific…

Q: 2. If the TVM is the only consideration, what nominal rate will cause all of the banks to provide…

A: The objective of the question is to find the nominal rate that will cause all of the banks to…

Q: You have $20,000 of credit card debt with a rate of interest of 14%. How long would it take to pay…

A: For credit card problem's first part excel's NPER function will be used.The syntax is:  NPER(rate,…

Q: Consider a credit card with a balance of $7000 and an APR of 12.5%. If you want to make monthly…

A: The objective of this question is to calculate the total amount paid over 11 years to clear a credit…

Q: Which do you​ prefer: a bank account that pays 5.0% per year​ (EAR) for three years or a. An account…

A: The following future value formula will be used:

Q: Find the interest rate (or rates of return) in each of the following situations. Do not round…

A: The rate of return is a measure used to evaluate the profitability or performance of an investment.…

Q: You want able to withdraw 15,000 each month for 15 years. your account earns 3 1/4% interest. a.…

A: Investments are the ways in which individuals and corporations park and save their money and funds…

Q: A woman went to the Beneficial Loan Company and borrowed ST0,000. She must pay $323.53 At the end of…

A: Monthly interest rate can be calculated by excel formula PMT and by IRR formula with series of cash…

Q: Your bank pays 2.9% interest per year. You put $1,500 in the bank today and $550 more in the bank in…

A: The amount is two years will be the future value of the deposits made at times 0 and 1.FV=…

Q: Simon recently received a credit card with an 18% nominal interest rate. With the cand, he purchased…

A: Data given: Loan amount=$660 Rate=18% Minimum monthly payment=$10

Q: (a) You need to pay off a car loan within the next two years. The payment will be $4,000 every…

A: 1 (i) Calculation of monthly rate for the investment account: Answer: The monthly rate is 1.0569%

Q: 4. How much should you deposit in an account so that you can withdraw $5300 every year for the next…

A: Given that, Annual Withdraw (A)=$5300 Duration (n)=18 years Rate of interest (i)=6% or 0.06   Amount…

Q: How many months will it take to pay off a credit card debt of $4,000 by paying $250 per month at an…

A: Using NPER function in excel

Q: Use PMT= PA to determine the regular payment amount, rounded to the nearest dollar. Your credit card…

A: Monthly payment for a credit card carries the payment for interest and payment for the loan balance…

Q: Marcus is trying to decide which checking account to open.  Bank A's account pays 1.6%, compounded…

A: To compare the returns on two different accounts, we need to calculate the effective annual interest…

Q: 1. (a) A bank account pays 5.5% annual interest, compounded monthly. How long will it take the money…

A: We use NPER to find time and Rate function to find APR

Q: onsider a credit card with a balance of $8500 and an APR of 14.5%. If you want to make monthly…

A: The objective of this question is to calculate the total amount paid over 11 years to clear off a…

Q: You have $1000 in an account earning 4% APR compounded daily.  At the same time, you are to pay a…

A: Interest rate compounded daily is 4% Amount in account(PV) is $1000 Amount needs to pay in future…

Q: uestion 1: Solve the following TVM problems using Excel formulas. You MUST use Excel formulas (FV or…

A: a. Future value$ 81,102.53b. Future value$ 85,289.85c. Future value$ 444,644.11Explanation:The above…

Q: d. Using information from (la) only, what quarterly compounded interest rate should the bank quote…

A: The effective annual interest rate (EAR) is defined as the annual growth rate that takes compounding…

Q: You have a balance of $8,000 on your credit card.  The interest rate is 19% per year.  You want to…

A: Solution:- When an amount is due for repayment, it can either be repaid as a lump sum payment or in…

Q: (A) If you want to have $250 in 5 years and you can earn an annual return of 7%, how much must you…

A: Time value of money is a financial concept that states that money today has a higher value than the…

Q: A bank has two options for a certificate of deposit of $4000. Option A has an annual interest rate…

A: Future value refers to the value of the current asset at some future date on the basis of inflation,…

Q: Jayco, Inc. would like to set up a new plant. Currently, Jayco has the opportunity to buy an…

A: Net present value of this project needs to be determined to understand if the project can be…

Q: The bank officer is convincing a customer who is looking for a car loan. Compute the price the bank…

A: Ordinary annuity are the payments which are made at the end of a period.

Q: Question 3: You just got a loan for $15,000 and you plan to pay it off in three years. Your monthly…

A: Loan amount=$15000PMT=monthly payment=500NPER=36Find out period required.

Q: Suppose your credit card issuer states that it charges a 17.00% nominal annual rate, but you must…

A: When the borrower borrows a loan from the lender, he has to pay a rate of interest on the borrowed…

Q: 7.  Your goal is to have $15,000 in your bank account by the end of eight years. If the interest…

A: The future value of an annuity is a financial calculation that represents the total value of a…

Q: If you owe $1,000 on a credit card with 12% interest (monthly compounding) and make payments of…

A: To calculate the number of months it will take to pay off the credit card debt, we can use the…