You have $2,500 on a credit card that charges a 15% interest rate. If you want to pay off the credit card in 5 years, how much will you need to pay each month (assuming you don't charge anything new to the card)? 9.31 M

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: How much would you need to deposit in an account each month in order to have $20,000 in the account…

A: The amount you need to deposit in an account each month in order to have $20,000 in the account in 7…

Q: Consider a credit card with a balance of $7000 and an APR of 12.5%. If you want to make monthly…

A: The objective of this question is to calculate the total amount paid over 11 years to clear a credit…

Q: How much would you need to deposit in an account each month in order to have $50,000 in the account…

A: Given: Future value = $50,000 Time =8 years Monthly period = 8*12 = 96 Interest = 4.5% So, monthly…

Q: You owe $3,000 on your Credit card with 24% APR. What would be the minimum payment amount if your…

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

Q: What rate of interest will you have to get per year if you would like to buy a car for $68,500 at…

A: Rate of interest is the percentage of return that is expected to be generated by investing in the…

Q: You want to be able to withdraw $3,500 each month for 20 years. Your account earns 10% interest. How…

A: Present value of annuity is the value of recurring regular interval future cashflow discounted to…

Q: . Suppose you have a bank account into which you make $100 deposits each month. You find a bank…

A: Periodic Payment = $100 Future Value = $2,000 Time Period = 15 Months

Q: If you want to have $60.000 in 8 years, how much do you need to deposit in the bank today if the…

A: Deposit required today = FV/(1+r)n Where FV - Future value = $60,000 r - Interest rate = 9% n -…

Q: If you deposit in a bank $200 today, $250 a year from now, $150 in the second year and $300 in the…

A: Future value is the expected value of current sum in a future date at given interest rate.

Q: Your credit card carries a 23.99%interest rate. You want to pay off your balance of $8700 with equal…

A: When someone needs money to make a purchase, to cover an unexpected expense, such as a medical…

Q: You have $4,500 on a credit card that charges a 16% interest rate. If you want to pay off the credit…

A: Monthly Payment: Monthly payments let a borrower pay down part of the remaining sum, which is…

Q: How much would you need to deposit in an account right now in order to have $2,000 in the account in…

A: Amount = $2,000 = A Time period = 10 years = T  Interest rate = 2% = R Compounded monthly where it…

Q: Suppose you have accumulated $22,000 in credit card debt. If the interest rate on the credit card is…

A: Present Value = Annuity * PVAF (Periodic rate, Number of Periods )

Q: How much would you need to deposit in an account each month in order to have $10,000 in the account…

A: formula to be used = Future value=PMT(1+r/n)n*t-1)/r/n   PMT= Monthly payment R= interest rate N=…

Q: You have a bank deposit now worth $5000. How long will it take for your deposit to be worth more…

A: Interest is an additional amount which is earned on deposited amount for the period. It increases…

Q: You plan to deposit $500 in a bank account now and $600 at the end of the year. If the account…

A: Solution: The amount in account after second deposit will be the future value of first deposit and…

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

A: Future Value Annuity is the technique of determining the furure value of a series of regular…

Q: You plan on depositing $370 every month for the next 11 years in an account that pays a 0.8%…

A:

Q: How much should you deposit now into a certificate of deposit (CD) at a bank, if the CD matures 10…

A: To calculate the principal amount deposit in the bank , we have to use the following formula : A = P…

Q: How much would you need to deposit in an account now in order to have $20,000 in the account in 4…

A: Interest rate = 5%No. of years = 4FV = 20000

Q: How much money (to the nearest dollar) will you need to deposit in an account now in order to have…

A: Present value is the sum of the current value of money of future cash flows. It is also known as a…

Q: You want to buy a car and therefore you borrowed $10,000 from a bank today for 6 years. The nominal…

A: Monthly Payment: It is the amount that is paid at the end of each month to the lender of the bond by…

Q: You have $4,000 on a credit card that charges a 14% interest rate. If you want to pay off the credit…

A: Compound = monthly = 12Present Value = pv = $4000Interest rate = r = 14 / 12 %Time = t = 4 * 12 = 48

Q: Your credit card has a balance of $4500 and an interest rate of 22%. The credit card requires a…

A: Credit cards refer to debt instruments that are provided by financial institutions to individuals…

Q: You want to have $10000 in five years.  How much should you deposit today if the bank pays 4%…

A: $10000 in 5 Years  That is 5*12 months = 60 Months (n) Interest rate 4% annual compounded monthly…

Q: your credit card has a balance of $4,500 and an annual interest rate of 16%. you decide to pay off…

A: The monthly deposit is calculated by dividing the loan balance with the PVIFA at 1.33% and 36…

Q: How much must you deposit in the bank today if you want to have $1,500 after 4 years?  Interest rate…

A: Time value of money (TVM) refers to the concept which proves that the value of money today is higher…