Suppose you want to have $400,000 for retirement in 25 years. Your account earns 5% interest. Feel free to use the Online Basic Financial Calculator a) How much would you need to deposit in the account each month? $ b) How much interest will you earn? $

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Q: Define Expenses

A: Expenses are the cost that is incurred by the firm or the company to run the business. Basically,…

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Q: Suppose you want to have $400,000 for retirement in 35 years. Your account earns 10% interest. How…

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Q: can you solve it with formulas? please make your text readable.

A: Answer  Deposit today = $100 Interest rate = 8% Time = 15 year

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A: P = $24,200 (loan amount),(monthly interest rate),n=6×12 (number of months in 6 years).

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Q: Suppose you want to have $400,000 for retirement in 30 years. Your account earns 5% interest. How…

A: Computation as follows: Hence, each month deposit will be $480.62.

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Q: If you deposit the money in the bank, how much will you have in one year?

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Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.