You have really gone above and beyond in spending on your fraternity initiation party and ran up $1,500 on your parent’s credit card.  You apologize to them and promise to pay $30 per month towards paying off the balance fully.  You know that the credit card interest rate is 20%.  How long will it take you to fully pay off your good times? About 2 years About 5 and a half years About 9 years It depends

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A: The annuity that can be withdrawn based on the amount that the parents have deposited at 8% interest…

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Q: Suppose your parents decide to give you $10,000 to be put in a college trust fund that will be paid…

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Q: Starting next year, you will need $5,000 annually for 4 years to complete your education. (One year…

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Q: Mr. Yiu just wins a lottery of $6,261,362 today. He opens a bank account and puts the whole amount…

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Q: You decide to do some remodeling in the kitchen. Your parents agree to lend you the money, but you…

A: Simple interest per month is calculated at: = Principal * rate of interest * 1/12

Q: You plan on making deposits of $1,000 into a savings account at the end of every year in college. If…

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