You owe $2300 on a credit card with 21% APR if you pay $80 a month, how long will it take you to pay it off?

Q: Mr. oniel borrows $750 for 4 months at 6% interest how much interest does he pay.

A: Given,            Mr. oniel borrows $750 for 4 months at 6% interest.To find : How much interest…

Q: Suppose you want to have $400,000 for retirement in 25 years. Your account earns 9% interest. How…

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Q: Suppose you want to have $400,000 for retirement in 25 years. Your account earns 10% interest. How…

A: It is given that, the future value is FV = $400,000, n=25×12=300, and r=10%=0.112  since each month…

Q: You know you will have $1,000,000 in your account when you retire. You want to be able to take…

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Q: The figure shows estimated medical costs versus what a user actually pays for three health insurance…

A: Observe the graph clearly you can see that at 3000 estimated cost Value for 1000 deduction is around…

Q: Suppose you’d like to save enough money to pay cash for your next used car. The goal is to save an…

A: Given that, to save an extra $8000 over the next three years.To find the amount of monthly payments…

Q: You put ​$200 per month in an investment plan that pays an APR of 4.5​%. How much money will you…

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Q: Suppose you want to have $400,000 for retirement in 35 years. Your account earns 5% interest. how…

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Q: If you make $400 in simple interest on an investment at 8% for 5 years, what is the amount of the…

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Q: If $600 is borrowed and the interest after 24 months is $120, what is the annual interest rate for a…

A: Solution

Q: You owe $2300 on a credit card with 21% APR if you want to pay it off in 18 months, how much would…

A: Loan amortization formula is  A=Pi1+in1+in-1 Where A is periodic payment amount, P is loan amount,…

Q: You want to withdrawal $25000 a year for 20 years.  Your account earns 10% interest.  How much do…

A: Sol:- This is a classic example of a "present value of an annuity" problem, where we need to…

Q: You want to save $20,000 for a down payment on a home by making regular monthly deposits over five…

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Q: Suppose you want to have $700,000 for retirement in 30 years. Your account earns 6% interest. How…

A: We have given that future value (FV) = $700,000Number of years = 30Number of months = 30*12 =…

Q: You deposit $1000 each year into an account earning 6.1% interest. How much will you have in the…

A: Given Information :  Amount $1000 deposit each year into an account earning 6.1% interest.  Let,  P…

Q: You have $ 147,196 saved for retirement. Your account earns 9.6 % interest. How much will you be…

A: Given Data: The balance in the account at the beginning is: P=147196 $ The annual interest rate is:…

Q: You have $400,000 saved for retirement. Your account earns 7% interest. How much will you be able to…

A: We have to solve the given problem.