Suppose you owe $18,000 on a credit card that carries an APR of 24%. Because the balance is so high, you choose to stop charging and pay off the card. You can afford to make only the minimum monthly payment, which is 5% of the balance. Then your balance after t months is given by B = 18,000(1.02 ✕ 0.95)t  dollars. How many payments will you have to make to get the balance below $100?

Q: You borrow $950 from your brother and agree to pay back $1000 in 19 months. What simple interest…

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Q: Noah invests $3,600 for two years.   The account pays 0.43% monthly compound interest. To the…

A: Given the given invest=$3,600 Interest rate=0.43%(compounded monthly) Time=2 years Apply formula…

Q: Suppose your one month balance (debt) on your credit card is $2000. If the monthly interest rate for…

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Q: Suppose you want to accumulate $25,000 as down payment on a house and the best you can do is to put…

A: The number of monthly installments required to get a certain FV n=ln(Fvi+cp)-ln(cp)ln(c+i)-ln c FV =…

Q: How long will it take to pay off a student loan of $20,000 if the interest paid on the principal is…

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Q: 5000

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Q: You have saved $16,000 for a down payment on a house. Your bank requires a minimum down payment of…

A: Consider the provided question, Given, amount available for down payment on a house =  $16,000 And,…

Q: If you make $400 in simple interest on an investment at 8% for 5 years, what is the amount of the…

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Q: Suppose you want to save in order to purchase a new boat. Take the APR to be 9.2%. You want to have…

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Q: Suppose you want to have $300,000 for retirement in 20 years. Your account earns 10% interest. How…

A: The objective of this question is to find out how much money needs to be deposited each month in an…

Q: If you invest $600 into an account that compounds monthly and after 8 years the account has $900.…

A: From the given information, it is observed that P = $600, A = $900, t = 8. Note that, the formula to…

Q: Reina borrowed 1,200,000Php for the purchase of the car. If her monthly payment is 31,000Php or a…

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Q: An investment pays simple interest, and triples in 17 years. What is the interest rate

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Q: o create a college fund for your child. Suppose you find a fund that offers an APR of 6%. How much…

A: We are given: APR=6%=0.06A=Amount after time t=$89000n=Number of months in a year=12Y=Number of…

Q: Suppose you want to have $500,000 for retirement in 35 years. Your account earns 8% interest. How…

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Q: Suppose that you borrow $15,000 for a new car. You can select one of the following loans, each…

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Q: Your goal is to create a college fund for your child. Suppose you find a fund that offers an APR of…

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