You have $4,500 on a credit card that charges a 14% interest rate. If you want to pay off the credit card in 3 years, how much will you need to pay each month (assuming you don't charge anything new to the card)?
Q: You have $2,000 on a credit card that charges a 21% interest rate. If you want to pay off the credit…
A: Monthly payment is a fixed periodic payment which is made by a borrower to the lender.
Q: You have $4,500 on a credit card that charges a 15% interest rate. If you want to pay off the card…
A: Installment is the amount of periodic payment a borrower has to make to its lender in order to pay…
Q: You have $2,500 on a credit card that charges a 19% interest rate. If you want to pay off the credit…
A: The loan is the amount borrowed for the certain period of time. It costs the investor or the…
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 purchase a new laptop for $1200 and put it on your credit card, which charges 14.99% interest.…
A: Borrowings are the liability that is used to finance the requirement of the funds. The borrower…
Q: How much would you have to deposit at the end of the year in an account that pays an interest rate…
A: Monthly Deposit: It is the deposit made by the person over the period to accumulate a sum of money.…
Q: You have credit card debt of $1,000 at 20% APR compounded monthly. If you charge no more purchases…
A: Borrowings are the liability of the borrower which is used to finance the requirement of the funds.…
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: Today, you borrowed $3,200 on a credit card that charges an interest rate of 12.9 percent,…
A: We use NPER function to calculate monthly payments (in financial calculator and excel)
Q: You have $5,000 on a credit card that charges 19% interest rate. If you want to pay off the credit…
A: Given; Principal= $5,000 Interest =19% annually or 1.58% monthly Time = 5 Years or 60 months (5*12)…
Q: If you deposit $5,000 in a bank account that pays 6% interest annually, how much will be in your…
A: We need to use the concept of time value of money to solve the question. According to the concept of…
Q: You plan to deposit $4,000 today, $2,000 in one year and $4,000 in two years into an account earning…
A: Here, Deposit Amount today (D0) is $4,000 Deposit Amount in One Year (D1) is $2,000 Deposit Amount…
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: You plan to make five deposits of $1,000 each, one every 6 months, with the first paymentbeing made…
A:
Q: You can afford monthly deposits of $100 into an account that pays 5.3% compounded monthly. How long…
A: Compounded Interest: It is the method for computing interest at the initial amount of…
Q: If you have a $15,000 car note with a $450.00 monthly payment, payable over 36 months, what interest…
A: In the given question we need to compute the interest rate from following details: Car note value =…
Q: If the bank is paying 8% interest compounded quarterly, how much must you deposit today in your…
A: The formula to calculate the present value of future cash inflow is C/(1+r)n, where C is the cash…
Q: You want to buy a car, and a local bank will lend you $35,000. The loan will be fully amortized over…
A: An effective annual rate (EAR) is the actual rate of interest to be paid annually after taking…
Q: If you have a $19,500 car note with a $380.00 monthly payment, payable over 60 months, what interest…
A: In the above question we need to compute the interest rate from following details: Value of card…
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 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 have $4,000 on a credit card that charges a 14% interest rate. If you want to pay off the credit…
A: Using excel PMT function
Q: Suppose you currently have $4,800 in your savings account, and your bank pays interest at a rate of…
A: Present value is the sum of money that must be invested to achieve a specific future goal. Future…
Q: You have credit card debt of $25,000 that has an APR (monthly compounding) of 17%. Each month you…
A: The computation of the additional borrowing as follows:
Q: you wish to have $60,000 in 8 years how much do you need to deposit in the bank today if the account…
A: Formula: Present value = Future value / ( 1 + r )N R = Rate of interest N = Time period.
Q: You have $4,500 on a credit card that charges a 21% interest rate. If you want to pay off the credit…
A: Using excel PMT function
Q: how much money must you put in a savings account today?
A: PV is the money value in today’s terms which is to be received at some future date whereas FV is the…
Q: how much do you need to deposit now in a bank paying 6% interest compounded monthly if you want to…
A: The present value is the value of the sum received at time 0 or the current period. It is the value…
Q: You currently have a balance of $8,000 and you pay an interest rate of 12% per year on the card.…
A: Credit card A tiny plastic card that may be used to purchase products or services without the need…
Q: magine you have a credit card balance of $1,000 that you would like to pay off within one year. The…
A: The credits cards are settled on the monthly payments and are paid by monthly payments and these…
Q: If you have ATM fees each month of $8 for 4 years, what is the total cost of those banking fees?
A: A cost system is a system that is designed to evaluate the cost incurred by the company.
Q: Jason has a credit card with an APR of 29.5% and a current balance of $13,150.35. He wants to pay it…
A: APR = 29.5% Monthly interest rate (r) = 29.5%/12 = 2.45833333333333% Current balance (PV) = $…
Q: You have $5,000 on a credit card that charges a 23% interest rate. If you want to pay off the credit…
A: Credit Card Amount = $5,000 Interest rate = 23% Time duration = 4 years
Q: Use PMT =- to determine the regular payment amount, rounded to the nearest dollar. Your credit card…
A: Here, Balance of Credit Card (P) is $4,500 Interest Rate (r) is 10.5% Compounding Period (n) is…
Q: You have $4,000 on a credit card that charges a 18% interest rate. If you want to pay off the credit…
A: The question gives the following information:
Q: If you deposit $7,000 in a bank account that pays 9% interest annually, how much will be in your…
A: Future value is the expected value of annual deposit to be made at specified interest rate. Given:…
Q: You have $3,500 on a credit card that charges a 14% interest rate. If you want to pay off the credit…
A: PMT= Present Value of annuity/{1-[1/(1+r)^n]/r} Where r =rate of interest per period i.e. 14%/12=…
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…
Q: If you deposit $7,000 in a bank account that pays 9% interest annually, how much will be in your…
A:
Q: You have a $22,000 credit card balance with an APR of 16.9%, compounded monthly, and you can afford…
A: PV 22000 RATE 17% COMPOUNDING PER YEAR 12 PMT 400 TIME PMT PRINCIPAL…
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: Here. Required Amount in 8 Years (FV) is$60,000 Interest Rate (r) is 9% Time Period is 8 years
Q: Recently, you made multiple large purchases on your credit card totaling $14,700. The interest rate…
A: Mortgage/ Borrowings: Borrowings are the loan which is taken by the individual to meet its…
Q: How much is your monthly payment? use monthly compunding formula
A: Answer:
Q: You have $4 000 on a credit card that charges a 18% interest rate.If you want to pay off the credit…
A: The current value of a credit card is $ 4,000 that the entity needs to pay with 18% interest. So,…
Q: Recently, you made multiple large purchases on your credit card totaling $14,700. The interest rate…
A: A Credit card is a short-term bank loan, on which the borrower is supposed to pay interest on the…
Q: You have $2,000 on a credit card that charges a 17% interest rate. If you want to pay off the credit…
A: Credit card amount due (PV) = $2000 Annual interest rate = 17% Monthly interest rate = 17%/12 =…
Q: You have $2,000 on a credit card that charges 18% interest rate if you want to pay off the credit…
A: The amount of loan = $2,000 Interest rate = 18% Time period = 4 years
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
- Q12 You have $2,000 on a credit card that charges a 20% interest rate. If you pay off the credit card in 4 years, how much will you need to pay each month(assuming you don't change anything new to the card)?Question 5 How much the monthly payment on a $114,000 home be if you get 4.1% interest over a 15 year loan with a $25,000 dollar balloon payment (rounded to the nearest dollar)?Question Help ▼ You plan to deposit $800 in a bank account now and $500 at the end of the year. If the account earns 3% interest per year, what will be the balance in the account right after you make the second deposit? The balance in the account right after you make the second deposit will be $ (Round to the nearest dollar.) Enter your answer in the answer box.
- Imagine you have a credit card balance of $1,000 that you would like to pay off within one year. The annual interest rate on that credit card is 16%, but interest compounds monthly, and you are required to make a payment each month. What amount would you have to pay monthly to pay off this balance within one year? Question options: a $90.71 b $80.66 c $83.33 d $99.12Question 4 You deposit $500 each month into an account earning 7% interest compounded monthly. a) How much will you have in the account in 20 years? b) How much total money will you put into the account? c) How much total interest will you earn?Question 8 You want to be able to withdraw $50,000 each year for 15 years. Your account earns 7% interest. a) How much do you need in your account at the beginning? b) How much total money will you pull out of the account? c) How much of that money is interest?
- QUESTION 14 Suppose you have a credit card balance of $15,000 and you want to pay it off in two years. What will the monthly loan payment be if the APR on the credit card is 24%?Problem 4 The annual interest rate on a credit card is 16.99%. If a payment of $100 is madeeach month, how long will it take to pay off an unpaid balance of $2,487.56? PLEASE GIVE FULL SOLUTIONQUESTION 3 Suppose you deposit $2.500 in a CD paying 8% interest, compounded every other month. How much will you have in the account after 15 years? Round your answer to the nearest cent. below is an example how to do problem mple 4 A certificate of deposit (CD) is a savings instrument that many banks offer. It usually gives a higher interest rate, but you cannot access your investment for a specified length of ime. Suppose you deposit $3000 in a CD paying 6% interest, compounded monthly. How much will you have in the accbunt after 20 years? In this example, Pa-$3000 1=0.06 -12 the initial deposit 6% annual rate 12 months in 1 year since we're looking for how much well have after 20 N=20 years 0.06 So P 3000 1+ 12 3D%2993061(round your answer to the nearest penny) %3D Let us compare the amount of money earned from compounding against the amount you would carn from simple interest Yars Simple Interest 6% compounded (S15 per month)monthly 0.5% each month 33900 $4800 $5700 $4046 55…
- Question 17 If you have ATM fees each month of $8 for 4 years, what is the total cost of those banking fees? Your Answer: AnswerQUESTION 16 You wish to buy a $21,500 car. The dealer offers you a 6-year loan with a 7.2 percent APR. What are the monthly payments? (Do not round intermediate calculations and round your final answer to 2 decimal places.) PAYMENT PER MONTH? How would the payment differ if you paid interest only? (Do not round intermediate calculations and round your final answer to 2 decimal places.) PAYMENT PER MONTH?Practice Question 2You need to borrow $800,000 to buy a house.You borrow the money from a bank via amortgage with a 25-year term. The mortgagerequires you to make monthly repayments, withthe first payment one month from now. If themonthly interest rate is 0.5%, work out the fairmonthly repayment that you will have to make.