You plan to save money for a down payment of $33,000 to purchase an apartment. You can only afford to save $6,000 at the end of every 6 months into an account that earns interest at 6.75% compounded monthly. How long will it take you to save the planned amount? years months Express the answers in years and months, rounded to the next payment period

Q: You deposit $5000 in an account earning 8% interest compounded monthly. How much will you have in…

A: The objective of this question is to calculate the future value of an investment with monthly…

Q: Eric invest $1050 every year in an annuity that pays six. Six interest compounded annually. Payments…

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Q: Sandeep borrows $20,000 for a new car. The bank offers him an annual interest rate of 9% compounded…

A: Given that the borrows amount PV= $ 20,000 Interest rate  r=9%=9100=0.09compounded monthly…

Q: You have $500,000 saved for retirement. Your account earns 5% interest. How much will you be able to…

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Q: Find the monthly payment (in $) and the total interest (in $) for a mortgage of $42,000 at 52% for…

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Q: You deposit $3000 in an account earning 8% interest compounded quarterly. How much will you have in…

A: P=Principle=$3000t=time=15 yearsr=interest rate=8%=0.08A=final amount=?n=number of times compounded…

Q: Melanie places $5,000 into an account that earns 6% interest compounded daily. Approximately six…

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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: You plan to save money for a down payment of $33,000 to purchase an apartment. You can only afford…

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Q: Fritz buys a car costing $10,500. He agrees to make payments at the end of each monthly period for 8…

A: P = 10500 r = 9.6% = 9.6/100 = 0.096 t = 8

Q: An amount of $1500 is deposited semi-annually for two years into a fun 10.5% per year, compounded…

A: Its is given that $1500 is deposited semi annually for two years into a fund that pays 10.5% per…

Q: Caitlin purchases a retirement annuity that will pay her $2,500 at the end of every six months for…

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Q: You can afford monthly deposits of $120 into an account that pays 2.4% compounded monthly. How long…

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Q: Fritz Benjamin buys a car costing $21500. He agrees to make payments at the end of each monthly…

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Q: If you want to earn 15% annual simple interest on an investment, how much should you pay for a note…

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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