You borrow $8,000 at an annual rate of 21%. If you repay the debt in three months, what do you owe?

Q: If you repaid a loan of $3000 in 4 years with monthly installments of $86, what was the finance…

A: Computation:

Q: If the interest rate is 18%, compounded monthly and with monthly payments of $15 at the end of each…

A: A study that proves that the future worth of the money is lower than its current value due to…

Q: You borrowed $650,000 from a bank at an interest rate of 63% compounded quarterly to purchase a new…

A: Monthly payments can be calculated by present value of annuity as the money borrowed (Loan) is the…

Q: You borrow $30,000 for 10 years to pay tuition and fees. The annual interest rate is 12 percent.…

A: Loan amount (PV) = $30000 Interest rate = 12% Monthly interest rate (r) = 12%/12 = 1% Period = 10…

Q: An engineer plans to borrow $100,000 to open his own consulting business. He must repay $2,150 a…

A: using financial calculator, N = 5*12 =60 PMT = -2150 PV= 100,000 FV = 0

Q: If you borrow $35,000 to buy a car on 10 years loan at 9% annual interest rate, what is the % of…

A: The monthly payment for the loan borrowed is calculated by the present value of the annuity formula.…

Q: Suppose you owe $600 on your credit card and are paying 14 percent interest. If you pay off the debt…

A: Interest is the amount paid for the usage of the principal borrowed.

Q: You deposit $600 in an account earning 7% interest compounded annually. How much will you have in…

A: Future value of a value is the amount which the grow from the principal amount to future amount with…

Q: how much must you repay at the end of the 3 months?

A: While charging interest on the principal amount, there are two ways to calculate it- Simple interest…

Q: You deposit $23,000.00 in an account that pays 4% compounded annually and immediately start making…

A: In this question future value would also be find out so that payment per year can be find out.

Q: A sum of money is deposited now in a savings account. The effective annual interest rate is 12% and…

A: Individuals deposit a sum of money into savings accounts in order to earn interest and accumulate a…

Q: Assume you deposit $5,200 at the end of each year into an account paying 10 percent interest. a.…

A: deposit made at the end of each year = $5200                        interest rate annum     = 10%…

Q: You overhear your friend saying that he is repaying a loan at P5,000 every month for the next three…

A: Using excel PV function

Q: IF you deposit $300 each quarter into an account earning 3.2% compunded quarterly, how many years…

A: Quarterly payment (PMT) is $300. Annual rate of return is 3.2% and Rate of return per quarter is…

Q: You borrowed $5,000 for 24 months at 6% interest. What is the total payback on the Single Payment…

A: Total payback on the Single Payment loan - It es the payback of the loan at a single payment…

Q: Suppose you deposit $1,250 at the end of each quarter in an account that will earn interest at an…

A: Computations as follows: Hence, the amount available at the end of four year is $24,225.28.

Q: You invest $10,000 in an account which pays 3% compounded monthly. How much is in the account after…

A: A concept that implies the future worth of the money is lower than its current value due to several…

Q: You borrow $1,000,000 at 3% compounded semi-annually and will pay it off over bi-weekly (every two…

A: Amount borrowed= $1,000,000 Rate= 3% compounded semi-annually Time (n)= Bi weekly over 25 years

Q: You borrow $1,000,000 at 3% compounded semi-annually and will pay it off over bi- weekly (every two…

A: There are two methods to charge interest on the loan taken. One is the simple interest method and…

Q: How much money must be deposited at the end of each year in a savings account that pays 9% per year,…

A: Compounded annually means at the end of every year, interest shall be added back to the principal…

Q: You borrow $11,000 and promise to make payments of $3,359.50 at the end of each year for 5 years.…

A: The question gives the following information:

Q: If you deposit $3,500 into an account earning an annual rate of 11% what would your account be worth…

A: To calculate the value of account after 35 years we will use the below formula   Value after 35…

Q: You have taken out a home loan of $400,000 at an interest rate of 3.6% per annum compounded monthly.…

A: A loan is a debt amount borrowed by one person from another person. A loan payable in equivalent…

Q: you make 11 semi annual deposits of 550 pesos into a savings account the interest rate is 4.72%…

A: Interest rate=4.72% compounded quarterly Interest rate per quarter=4.72%4=1.18% Interest rate per…

Q: You put $1,000 into a savings account today that offers a 55% APR with semi-annual compounding…

A: GIVEN, PV = $1000 N = 2 M = 2 (SEMI ANNUAL) R=55%

Q: You agree to make 24 deposits of $500 at the beginning of each month into a bank account. At the end…

A: Data given:: No. of deposits = 24 Amount deposited at the beginning of each month = $500 FV= $12800…

Q: You deposit $27,000.00 in an account that pays 4% compounded annually and immediately start making…

A: Given:

Q: You deposit $350 each month into an account earning 3% interest compounded monthly. a) How much will…

A: Given, Deposit amount (C) = $350 each month Timer period (n) = 35 years*12 = 420 interest rate (i) =…

Q: You take out a $7,000 car loan that calls for 60 monthly payments starting after 1 month at an APR…

A: The present value of annuity refers to the current value of regular payments made at fixed intervals…

Q: If you borrow $25,000 from a local finance company and you are required to pay $4,424.50 per year…

A: Borrowings are the liability of the company which is used to finance the requirement of the funds.…

Q: you deposited ₱5,000 from the savings of your daily allowance in a time  deposit account with your…

A: Solution:- When an amount is invested somewhere, it earns interest on it. The amount invested is…

Q: You deposit $3500 in an account earning 2% interest compounded quarterly. How much will you have in…

A: Deposit amount (P) = $3500 Interest rate = 2% Quarterly interest rate (r) = 2%/4 = 0.50% Period = 18…

Q: Suppose you deposit $125 on the first of every month for 240 months, and the bank credits interest…

A: The term annuity depicts a stream of equivalent periodic cash flows over a specific time duration.…

Q: You deposit $600 each month into an account earning 4% interest compounded monthly.  a) How much…

A: The future value of the account can be calculated with the help of future value of annuity function.…

Q: Suppose you deposit $20,000 in an account today that pays 4% interest, compounded annually. How long…

A: Here, 20,000 is deposited today and future value is $80,000. Want to calculate how many years it…

Q: In order to have $373,010 in 29 years, how much needs to be deposited each month into a bank account…

A: Information Provided: Future value = $373,010 Years = 29 Interest rate = 1.1% compounded monthly…

Q: You have decided to put $130 in a savings account at the end of each month. The savings account…

A: A study that proves that the future worth of the money is lower than its current value due to…

Q: How many monthly payments are required to repay a loan of $12,000 with an interest rate of ¾% per…

A: A concept that implies the future worth of the money is lower than its current value due to several…

Q: You borrow $3,000 at an annual effective discount rate of 6% for two years. How much extra money do…

A: Time value of money(TVM) means the amount of money received in the present period will have more…

Q: How much money must be deposited in a savings account each quarter in order to accumulate $10,000 at…

A: The Future Value of the annuity is the total value of all the payments which is occurred regularly…

Q: If you borrow $1,000 and pay back $1,728 in three years, what annual rate of interest are you…

A: Annual Percentage rate (APR) is the percentage rate that shows the interest calculates on the…

Q: Billy Thornton borrowed $60,000 at a rate of 7.25%, simple interest, with interest paid at the end…

A: Introduction Simple interest: Simple interest is the fixed amount charged on loan taken by the…

Q: If you have $50,000 in an interest-bearing savings account that pays2 percent annual interest, how…

A: Present value = 50000 Interest rate = 2% Days = 30  Assume 365 days in Year

Q: You bought a car and borrowed $25,067 for 48 months. If the rate is 3.56%, what is your monthly…

A: Loan amount (L) = $25067 n = 48 months r = 3.56% per annum = 0.29667% per month X = Monthly payment

Q: What is the monthly payment for a 5-year car loan of $14,000 that has an APR of 6% compounded daily…

A: An amortized loan is repaid in equal installments. Each installment comprises interest on loan…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.