You can afford monthly deposit of $85 into an account that pays 6% compounded monthly. How long will it be until you have $3800 in the account? Round to the next higher month if not exact.

Q: How much would you need to deposit in an account now in order to have $5,000.00 in the account in 13…

A: Simple interest is an interest that is calculated on the initial investment.

Q: You deposit $ 330 each month into an account earning 5.6 % interest compounded monthly for 2 years.…

A: Interest is the amount earned or paid by investing or borrowing the amount from another party.…

Q: You are to make monthly deposits of $725 into a retirememt account that pays an APR of 10.1 percemt…

A: Future value is the expected value of current regular deposit at a future date, at a given rate of…

Q: A bank offers to pay you a stated annual rate of 5%, compounded daily. How many years will it take…

A: Future value refers to the value of a current asset at some future date affected due to inflation,…

Q: YOU ARE PREPARED TO MAKE MONTHLY PAYMENTS OF 250 BEGINNING AT THE END OF THE MONTH INTO AN ACCOUNT…

A: Monthly payments of $250 The annuity type is Beginning of the month The interest rate is 8%…

Q: You deposit $62000 into an account which pays 3% compounded monthly. You leave the money in the…

A: Present value is an estimate of the present value of future cash values ​​that may be received at a…

Q: Type the number of months:

A: Future value refers to the amount at some future date of the asset present today on the basis of…

Q: Suppose you have a credit card with a balance of $3295.89 that charges 19.85% APR on unpaid…

A: Credit cards are used very often now days and credit cards are used for short term credits.Balance…

Q: You deposit $63000 into an account which pays 5% compounded semiannually. How much can you withdraw…

A: Given:Principal (P) = $63,000Rate (r) for every six months = 5%Semi-Annually Rate = 5%/2 = 0.025…

Q: Jon plans to start a saving account. His plan is to deposit $69 each month into a money market…

A: A theory that helps to compute the present or future value of the cash flows is term as the TVM…

Q: You decide to make regular deposits every 2 weeks into an account that earns 5% annual interest,…

A: The future value of the deposits is $29,000. The annual interest rate is 5%. The maturity period is…

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: If you’re average daily balance on your credit card in June is $1,200 and your APR is 18%, how much…

A: Here,AverageDaily Balance of Credit Card is $1,200APR is 18%Late Charges is $29

Q: You deposit $64000 into an account which pays 5% compounded monthly. You wish to make semiannual…

A: Amount that can be withdrawn from account depends on the period of withdrawal and interest rate of…

Q: An insurance policy offers you a choice of $800 per month for 6 years or a lump-sum payment. What…

A: The lump-sum payment will be equal to the present value of this cash flow stream. This cash flow…

Q: Jon plans to start a saving account. His plan is to deposit $59 each month into a money market…

A: The number of months it will take to accumulate $1000 can be calculated with the help of NPER…

Q: ou make a one time 2000 deposit into an account which pays an annual interest rate of 1.7 compounded…

A: the final balance in the account will be the future value of the amount 2000 along with the interest…

Q: Suppose Jorge Otero has set up an annuity due with a certain credit union. At the beginning of each…

A: Compound = monthly = 12 Payment = p = $140 Interest rate = r = 6 / 12 = 0.5% Time = t = 15 months

Q: What is the value (in $) of Jorge's account after 16 months? (Round your answer to the nearest…

A: Information Provided: payment made = $150 Term = 16 months Interest rate = 6% compounded monthly

Q: You deposit $66000 into an account which pays 5% compounded quarterly. How much can you withdraw at…

A: Perpetuity means infinite no. of payments which are same in size and made in equal intervals. Person…

Q: A person deposits $200 every month for 7 years. If the account pays 4% compounded monthly then how…

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

Q: You plan to deposit $200 at the end of every six months for 8 years starting at the end of month 6.…

A: Answer: Calculation of the amount that will be available to withdraw at the end of year 15: The…

Q: You make a one-time $3,088 deposit into an account which pays 2.8% compounded weekly. If you don't…

A: using excel fv function

Q: You're prepared to make monthly payments of $310, beginning at the end of this month, into an…

A: The objective of this question is to find out the number of payments required to reach a certain…

Q: You have just entered college and have decided to pay for your living expenses using a credit card…

A: Solution: An equal amount paid each period is known as annuity. Future value of annuity = PMT x…

Q: ou could earn 3% on your money in your checking account, as long as the minimum balance does not…

A: The cost of checking account is the total cost which one has to bear for not maintaining the minimum…

Q: How long will it take to save $2581.00 by making deposits of $227.00 at the end of every month into…

A: Amount to be saved is $2581.00 Interest rate is 7% compounded monthly Monthly deposit $227 To Find:…

Q: You will deposit $202 each of the next four years (the first deposit will occur one year from today,…

A: 92 COMPOUNDED ANNUALLY ROUNDED 2 DECIMAL 93 F G   94 INTEREST RATE 7.50%   95 NPER (n)  4…

Q: If you deposit $2,200, how long must you wait until your account has grown to $3,900? Number of…

A: The time value of money recognizes the idea that the value of an amount of money today differs from…

Q: You are late paying a bill for ​$10,649.04. You have made arrangements to pay off the bill in…

A: Present Value = pv = $10,649.04Monthly Payment = p = $260Interest Rate = r = 1.5%

Q: You currently have $4,000 in a bank account that pays an annual rate of 1%, compounded monthly.  You…

A: Dear student, we need to use NPER formula to calculate number of periods(N) in excel.

Q: The stated interest rate on your account is 8% interest, compounded monthly if you deposit $50 each…

A: The concept of time value of money will be used here. As per the concept of time value of money the…

Q: ou deposit $83000 into an account which pays 5% compounded monthly. How much can you withdraw at the…

A: You can withdraw interest forever

Q: You owe the bank $1,245 in 9 months.  How much do you need to deposit in an account today, earning…

A: As per the given information: Amount owed to the bank - $1,245 in 9 months Earning - 3.25% APR…

Q: You're prepared to make monthly payments of $260, beginning at the end of this month, into an…

A: This is related to the concept of time value of money. Amount invested today or invested each month…

Q: You have a credit card that has a balance of $6400 at an APR of 13.49%. You plan to pay $300 each…

A: The objective of the question is to determine the number of months it will take to pay off a credit…

Q: you recieve a credit card offer that charges interest at 1.75% per month compounded monthly. What is…

A: The nominal rate of interest is the rate that is free from the compounding effect. it is also known…

Q: Pedro deposits four installments in his savings account as follows: BRL 2500 initial deposit…

A: concept. FV = A (1+r)n FV = future value A= deposit amount r= interest rate n= time period.

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

A: Given:

Q: You deposit $100 at the end of each month in a bank account that earns 6% interest compounded…

A: Future value of monthly deposit in a bank account is calculated using following equation Future…

Q: You currently have a balance of $9,000 and you pay an interest rate of 17% per year on the card.…

A: The outstanding balance is $9,000The interest rate is 17% per yearThe minimum payment is 3%The time…