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- Give typing answer with explanation and conclusion Rachel is purchasing a new camera that costs $2000 . Rachel uses a credit card that has an APR of 16.77% . How much will she pay in total to pay off the purchase if she makes monthly payments of $50 ? Round the number of monthly payments up to the nearest whole number. Round your final answer to the nearest whole number, if necessary.Give typing answer with explanation and conclusion Michael can afford car payments of $275 a month for 72 months. The bank will lend him this money at 11.40 percent APR. How much can Michael borrow?udiasirois1122/Xv7zYW5RnILBBINV2A9egx/unit-4-project-tvm-calculator-pdf?pg=7 -Sign- At will focus on these types of savings plans in this portion of the project. The Savings Plan formula is below: Y =_ APR= A = PMT- n = A = Note: This formula assumes that the payment period and compounding period are the same. For example, monthly payments would indicate monthly compounding. Let's work an example with the savings plan formula and the TVM calculator. Example 3 Suppose that Ruby's employer offers a retirement plan. Ruby decides to invest $350 per month into the account. The interest is compounded monthly. Historically, the account has earned 7% APR. How much will be in his account if she retires in 25 years? Fill out the value for each variable, and put a question mark for the value we need to solve for. PMT= $350 25 0.07 12 $283,525.09 ((1+ APR-1) (APR) PMT= regular payment amount (deposit) Y = number of years APR = annual percentage rate (written as a decimal) n = number of times the…
- do fast and don't use chagpt answer urgent.solve it but do not use by excelMr. Ali is a self-employed individual is opening a retirement account at a bank. His goal is to accumulate $1,000,000 in the account after 20 years. A local bank is willing to open a retirement account that pays 8% interest. Mr. Ali expects that his income will increase 6% yearly during his work. What should be size of his first deposit?