When you open a savings account, you and your joint account holder will need these four items. Put a checkmark next to or highlight, in the image below, the items you know you/your parent/guardian already have and circle any items you would need to work on obtaining

Q: Jenny wishes to double her financial fund and the bank gives her 8% rate of interest annually, how…

A: Here, Jenny deposited its money in a financial funds at the annual interest rate of 8% and she wants…

Q: Use PMT= 1- -nt to determine the regular payment amount, rounded to the nearest dollar. Your credit…

A: given that, Principal(P) =$3200 rate of interest(r) = 0.12 time (t) = 2 years n = 12

Q: How is the future related to the present value of a single sum?

A: The future value is that the sum of present value and also the total interest. the long run value…

Q: A checking deposit in a bank is considered that bank. a liability an asset O net worth O capital of

A: Banks accept deposits from people and give these deposits on loan to the borrower. Interest rates…

Q: Transaction Description Previous balance, $2652.59 June 1 Billing date June 6 June 8 June 9 June 17…

A: The average balance is the balance on a credit or store account found in the middle value over a…

Q: in c) Linda needs $10,000 in 4 years to use as a down payment on a house. She has $6830 to invest…

A: An interest rate is the amount of interest due per period, as a proportion of the amount lent,…

Q: What is fractional ownership?

A: Ownership:The term ownership refers to the legal right or exclusive right over the commodity. For…

Q: When investing or saving money for retirement, which type of interest would benefit the most from?…

A: When investing or saving money for retirement which type of interest would benefit the most from?…

Q: Question list O Question 1 K Mary's credit card situation is out of control because she cannot…

A:

Q: Question 14 Why should you never borrow up to your credit limit on a credit card? Choose the best…

A: Answer (14): Option B (Borrowing up to your credit limit on your credit card increases the…

Q: Explain the terma future amount of money (F)?

A: Answer - Term future amount of money - Term future amount of money it is the growth or decline in…

Q: Explain Methods of Calculating Interest?

A: Answer -  Interest = It is the extra amount of money a lender which charge to a borrowers.  there…

Q: Tom Evers an attorney is planning for retirement. He earns $126,000 a year and estimates that he…

A: Given,  Tom earns $126,000 and estimates that he will need 80% of his salary for retirement in 10…

Q: You have $5,000 on a credit card that charges a 23% interest rate. If you want to pay off the credit…

A: Interest rate is the amount charged by the lender from the borrower for the use of its money.

Q: Give step by step answer

A: Approach to solving the question: Detailed explanation:SELECT CustomerName, AccountBalanceFROM…

Q: How Dalio’s concept about borrowing from one’s future self might change a decision one might make…

A: Debt is when one party borrows something from another, most commonly money. Many businesses and…

Q: Bill wants to buy a new car in three years from now. He expects that the price of a car will be…

A: If bill want to buy car after 3year assuming that there is zero Inflation effect and bank is giving…

Q: Which of the following is not an example of a financial resource? a. online training for employees…

A: Financial resources typically refer to assets or funds that can be readily converted into cash or…

Q: Explain 3 reasons why opening a checking account would benefit you?

A: A checking account refers to a type of bank account that allows you to deposit money and withdraw…

Q: Which factor would credit card companies most likely use to determine an applicant's…

A: Credit card companies offer credit to their customers in exchange of a interest rate.

Required Reserve and Excess Reserve Analysis

A required reserve is an amount of cash that banks must keep with themselves, which is certain percentage of the deposits made by their customers. Required reserve is a percentage of the bank's deposits that the respective bank must have on each overnight. The percentage rate is set and determined by the nation’s central bank. It is important to have such funds accumulated to meet its uncertain obligations, sudden liabilities and withdrawals. Required reserve is also known as reserve ratio. Reserve ratio is an important tool to control the money supply.