Suppose you have a balance of $4,950 on your credit card, which charges interest at an APR of 20%, compounded monthly. If the credit card company allows you to suspend your payments for one year due to financial hardship, but continues to charge interest, what will the balance on your card be at the end of the year? O $5,975.01 O $6,035.99 O $6,078.73 O $6,200.45 Op Cor

Q: Your company borrowed $180,000, agreeing to pay the balance in 18 equal monthly installments at 8%…

A: The formula to find is, Remaining balance =  (Original balance*(1+r)^n)-EMI*((((1+r)^n)-1)/r)

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Q: Suppose you have a $175,000 30-year mortgage with a 4.5% interest rate on the loan. b. How much will…

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Q: Suppose you have a $175,000 30-year mortgage with a 4.5% interest rate on the loan. c. If you pay…

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Q: What is the present value of a $100 perpetuity deferred for 10 years if the interest rate is 6% ?

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Q: Mr.  Allen purchased an annuity that pays 19% compouned annually. If the yearly payment is $3,500,…

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Q: If Mr. Cobain had deposited his payment into a savings account and just left it there, how much…

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