Consider a credit card with a balance of $7000 and an APR of 12.5%. If you want to make monthly payments in order to pay off the balance in 11 year, what is the total amount you will pay? Round your answer to the nearest cent, if necessary.
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Consider a credit card with a balance of $7000 and an APR of 12.5%. If you want to make monthly payments in order to pay off the balance in 11 year, what is the total amount you will pay? Round your answer to the nearest cent, if necessary.
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- Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate $4,200 over the next 6 years when the interest rate is 8%, how much do you need to deposit in the account? B. If you place $8,700 in a savings account, how much will you have at the end of 12 years with an interest rate of 8%? C. You invest $2,000 per year, at the end of the year, for 20 years at 10% interest. How much will you have at the end of 20 years? D. You win the lottery and can either receive $500,000 as a lump sum or $60,000 per year for 20 years. Assuming you can earn 3% interest, which do you recommend and why?You have a balance of $8,000 on your credit card. The interest rate is 19% per year. You want to make equal monthly payment for the next 6 years to completely pay off the balance. Assume no other purchases or payments other than your calculated plan. What must be the amount of your monthly payment? Round to the nearest $ and use the $ symbol.4. Consider a credit card with a balance of $7000. You wish to pay off the credit card, which has an APR of 17.99%, within 1 year. Calculate the following. Round your answer to the nearest cent, if necessary. a. Find the number of months you will need to pay the credit card if you pay $585 per month. b. Will you meet your goal and have the credit card paid in one year?
- Choose the appropriate formula type for answering the following question: Suppose you want to have $410,500 for retirement in 15 years. Your account earns 6.5% interest. How much would you need to deposit in the account each month? Annuity Compound Interest Loan/Payout AnnuitySuppose I have a balance of $4500 on my Bank of America credit card. Assume the interest rate on my card is 12.95%. If I am willing to commit to making monthly payments of $100, then how long will it take for me to pay off my credit card?Please provide the steps to solving this problem using a financial calculator: You just opened a brokerage account, depositing $3,500. You expect the account to earn an interest rate of 9.652%. You also plan on depositing $4,500 at the end of years 5 through 10. What will be the value of the account at the end of 20 years, assuming you earn your expected rate of return?
- Suppose you want to buy a vacant lot for your future home for $29,673. If your bank is willing to loan you the money at a 6% APR over the next 14 years how much would be your monthly payment? (Round up your answer to two decimal point)A CD, or “certificate of deposit,” is a type of savings account with a fixed rate and term, meaning you can only redeem it when the term is over. If you open a CD with an initial deposit of $2200 and an APR of 0.26% compounded monthly, what profit will you have earned when you redeem the CD in 10 years? Round your answer to the nearest cent, if necessary.Suppose you want to have $600, 000 for retirement in 15 years. Your account earns 9% interest. Feel free to use the Online Basic Financial Calculator a) How much would you need to deposit in the account each month? $ b) How much interest will you earn? $
- Suppose you take out a 36-month installment loan to finance a delivery van for $26,100. The payments are $989 per month, and the total finance charge is $9,504. After 25 months, you decide to pay off the loan. After calculating the finance charge rebate, find your loan payoff (in $). (Round your answer to the nearest cent.) Need Help? Read It Watch It Master ItYou need a home loan of $95,000 after your down payment. How much will your monthly house payment be if the bank charges 6.25% APR for a loan of 25 years? (Simplify your answer completely. Round your answer to the nearest cent.)Suppose you borrow $21,000 from your bank to buy a car. You agree to pay $433.89 per month for 60 months. What is the interest rate (APR) for the loan?