You have $3,500 on a credit card that charges a 13% interest rate. If you want to pay off the credit card in 4 years, how much will you need to pay each month (assuming you don't charge anything new to the card)? $ each month

Q: You borrow $950 from your brother and agree to pay back $1000 in 19 months. What simple interest…

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Q: ou have $5,000 on a credit card that charges 16% interest rate. If you want to pay off the credit…

A: To calculate the amount need to pay each month to repay the amount.

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

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Q: Bob invests $1500 at an annual rate of 2%. Find the balance after 10 years, when the interest is…

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Q: You deposit $4000 each year into an account earning 5% interest compounded annually. How much will…

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Q: you deposit $5000 in an account earning 3% interest compounded monthly. how much will you have in…

A: We have given,

Q: You deposit $1000, and it grows to $1,500 in 5 years.  What is your annual return?

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Q: You deposit $3000 in an account earning 5% interest compounded monthly. How much will you have in…

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Q: You deposit $500 in an account earning 4% interest compounded annually. How much will you have in…

A: The continuous compounding formula is, Pt=P0ert In the formula, P0 is original principle sum, r be…

Q: deposit $4000 in an account earning 2% interest compounded monthly. How much will you have in the…

A: Given that; Principal {p} = $ 4000 Rate (r) = 2%  Time = 10 years By using the compound interest…

Q: You deposit $2000 in an account earning 2% interest compounded monthly. How much will you have in…

A: given, principal (P)=$2000           interest  rate (R)=2%= 2/100 =0.02     (for compounded monthly…

Q: borrows $6,500, at  6 1 2%  interest, for 150 days. If the bank uses the ordinary interest method,…

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Q: You have $2,500 on a credit card that charges a 14% interest rate. If you want to pay off the credit…

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Q: loan

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Q: You have 300,000 saved for retirement. Your account earns 4% interest. How much will you be able to…

A: Given that, You have 300,000 saved for retirement. Your account earns 4% interest. We need to find…

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

A: We know that Simple interest = PTR/100 Here Time is 7 years and Rate is 6%  Amount is 20000$. Amount…

Q: Richard invests $205.42 every month into his retirement. At the end of 30 years, he has a balance of…

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Q: You have $2,000 on a credit card that charges a 21% interest rate. If you want to pay off the credit…

A: The objective of this question is to calculate the monthly payment required to pay off a credit card…

Q: You deposit $4000 in an account earning 2% interest compounded monthly. How much will you have in…

A: From the provided information FV=P*((1+r)n-1r)FV=4000*((1-0.02)5-10.02)FV=20816