Allan borrows $2260 from his uncle. Two years later, he borrows another $1490. If his uncle charges him 8.8% interest compounded annually, how much does Allan owe 9 years after the first loan? Allan owes his uncle a total of $ _______.
Q: Bozo borrowed $10,000 from Ernie due in 4 years at 6% compounded monthly. Immediately after the debt…
A: Ernie sells the note to Max, then Ernie shall receive the present value based on 5% compounded…
Q: When Bo McSwine was 16, he got an after-school job at his parents' barbecue restaurant. His parents…
A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Mariano deposited P5,000 today in an account that pays 8% compounded semi-annually. Two years later,…
A: Amount deposited today is $50,000 Interest rate “r” = 8% compounded semi-annually "m" is the…
Q: Gary has a 15 year mortgage on his house. His monthly principal and interest payment is $1373 . His…
A: Monthly payment of principal, interest, taxes, and insurance (PITI) can be calculated by using this…
Q: Jan sold her house on December 31 and took a $5,000 mortgage as part of the payment. The 10-year…
A: Note: As per the policy we are supposed to solve the first three subparts at a time. I solve the…
Q: Jan sold her house on December 31 and took a $40,000 mortgage as part of the payment. The 10-year…
A: Given The loan amount is 40,000 The rate is 11%
Q: Lyndsay puts $1,000.00 into a savings account that pays 3% interest, compounded annually. As the…
A: When the interest is deposited after a year, interest is also received on the interest component…
Q: YVette purchased a car and she obtained a seven year term loan with an annual interest rate of 3.84%…
A: Time Period of loan = 7 years or 84 months Interest Rate = 3.84%/12 = 0.32% per month Balance due…
Q: Ali contributed $1,000 per year for the past 9 years into an RRSP account, earning 3.8% compounded…
A: a) Ali leaves this amount ($10,496.48) for additional 5 years therefore, the worth after 5 years…
Q: Nine years from now, Sam wants to have an amount available to deposit into an account…
A: ANSWER GIVEN ON THE NEXT SHEET
Q: Jose is a member of a credit cooperative. The first P 50,000 of his savings earns interest at a rate…
A: A dividend refers to the earnings that a company earns on stocks. Stocks offer dividends to…
Q: Dan opens a line of credit at a local bank, and immediately borrows 2080 dollars. 5 months later, he…
A: A financial instrument that provides never-ending borrowing and paying facility to the borrowers is…
Q: Jessica purchased a home on January 1, 2021, for $750,000 by making a down payment of $300,000 and…
A: Here to understand the details of maximum deduction allowance which are made in the itemized…
Q: Fred owes $10,000 due in three years and $5,000 due in ten years. Fred is allowed to pay off both…
A: Simple interest does not involve compounding and no interest on interest is considered.
Q: In the current year, Sanchez paid interest of $30,000 on a $1,000,000 principal home mortgage. He…
A: The answer for the multiple choice question and relevant explanation are presented hereunder : It is…
Q: Jan sold her house on December 31 and took a $50,000 mortgage as part of the payment. The 10-year…
A: Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for you. If…
Q: Starting on July 1, 2000, Peter borrows $8,400.00 each year for 4 years from his dear Aunt May to…
A: Loan amount = $8,4000 Time period = 4 years Interest = 9% compounded semi-annually Installment = 20…
Q: Akbar bought a car on loan and pays the simple interest at 5% amounting to RO 3,000 per annum for 5…
A: Borrowings are the liability of the company which is used to finance the requirement of the funds.…
Q: Edward borrowed an amount to his friend and promised to pay the principal amount and accumulated…
A: Let the amount borrowed be "x" Simple rate = 15.118% Amount paid at the end of 3 years = P15.855.…
Q: katy took out a loan for $12000 over 3 years, if her total loan repayments amounted to $18750,…
A: Given Loan amount = $12000 Loan repayment = $18750
Q: Darien invests $10,000 in an account that pays 3.2% interest per year, compounded semi-annually.…
A: The amount of money can be calculated as future value of the principal amount.
Q: Craig decides to purchase a property that has been valued at $480,000. He has $90,000 available as a…
A: Monthly payments is the annuity amount for the loan borrowed at given interest rate and time period…
Q: When Derrick turned 15, his grandparents put $10,000 into an account that yielded 1.4% interest,…
A: Future Value refers to the value of the current asset or investment or of cash flows at a specified…
Q: how much interest will mico pay
A: PV = A[ (1-(1/(1+r)^n)/ r] Where PV = present value, A = Annuity amount. r = interest rate. n =…
Q: Greg owns two debt payments - a payment of $5338 that was due in 11 months ago and a payment of…
A: The concept of the time value of money states that the same amount of money is worth more today than…
Q: Fred owes $12000 due in two years and $8,000 due in twelve years. Fred is allowed to pay off both…
A: We have to consider present value and future value of both.
Q: Erika inherits $20,000, and decides to invest it in an account earning 6.25% interest, compounded…
A: Formula Future value = PV*(1+i)n Where PV - Investment i.e. $20,000 i - Semi annual interest rate…
Q: Jack has borrowed money from his financial institution, and has agreed to pay $200 at the end of…
A: 1) Computation:
Q: Albert purchased a house for $1,500,000 fifteen years ago. He put 30% down and financed the balance…
A:
Q: Huai takes out a $3100 student loan at 6.7% to help him with 2 years of community college.…
A: Consider the following student loan: • He firstly takes out a $3100 loan. •This loan has an interest…
Q: Rapi Tulpo invests Php1,000 in a Bank that doubles his money in five years. To what annual interest…
A: Investment means an asset(financial assets or fixed assets) that is purchased to generate additional…
Q: Andy borrowed P9000 from Randy today and P12000 two years after and made a partial payment of P7000…
A: The present value of the two payments will be equal to the outstanding balance at the end of the 3rd…
Q: Brian borrows $ 7500 from his friend at an annual 6% interest rate, which he will pay five years…
A: Future value is the value of the present cash flows after certain period. Due to interest that can…
Q: usinessman borrowed P300,000 with interest at the rate of 6% compounded annually. He agrees to…
A: The annual payment depends on the interest rate and original amount of loan and deferred period of…
Q: On January 1 of year 1, Arthur and Aretha Franklin purchased a home for $1.98 million by paying…
A: Total interest expense deductible is calculated by multiplying interest expense by the ratio of…
Q: After four years in college, Josie owes $104000 in student loans. The interest rate on the federal…
A: Let the amount in federal loans be "$X" , therefore amount in private bank loans would be…
Q: Carl borrowed P183,074 from his friend to pay for remodeling work on his house. He repaid the loan…
A: Amount borrowed P183,074. Simple interest 4.38% Loan repaid after 14 months.
Q: Jan sold her house on December 31 and took a $50,000 mortgage as part of the payment. The 10-year…
A: A mortgage is a special loan that allows a borrower to acquire a house property or other real estate…
Q: If Jackson deposits 100 dollars at the beginning of each month in a savings account earning interest…
A: Given information: Payment made at each year amounted to $100 Number of years is 6, Interest rate is…
Q: How much money did he borrow if the interest is 8% compounded quarterly ?
A: Principal amount is the amount initially invested in a deposit account or the net amount borrowed by…
Q: Mark borrowed an amount of P8,830 from Brian and after 2 years, he borrowed again an amount of…
A: Compound interest (or compounding interest) is the interest on a loan or deposit calculated based on…
Q: Jan sold her house on December 31 and took a $25,000 mortgage as part of the payment. The 10-year…
A: Mortgage = $25,000 Interest Rate = 10% Time Period = 10 Years
Q: 16, Ronald admitted he received a small loan of 1 million dollars from his father. If he paid back…
A: The given problem can be solved using PMT function in excel. PMT function computes installment…
Q: Ali deposits BD 2,500 in a savings account that pays interest at the rate of 5.5% per year,…
A: Given information : Deposits 2500 Interest rate 5.50% Time period (years) 14 The given…
Q: Deon borrowed money from a credit union for 2 years and was charged simple interest at an annual…
A: given information total interest paid = $144 annual interest rate = 8% credit union = 2 years
Q: Mr. Nadeem owes a total of $3,060 which includes 12% interest for the three years he borrowed the…
A: Following details are given in the question: Money to be returned after 3 years (Future value) =…
Q: Lynn Ally, owner of a local Subway shop, loaned $61,000 to Pete Hall to help him open a Subway…
A: In this question we need to compute the future value of loan at then end of 9 years. Other details…
Q: At the beginning of Gabe’s freshman year. His favorite uncle deposit P10,000 into a four- year bank…
A: In the given question, P 10,000 is deposited now and the amount will be received at the end of 4…
Q: arie deposits 1,000 into an account that pays interest at an annual nominal rate of interest of ?,…
A: Money is deposited into account that earn the interest on the account and that interest is being…
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 2 images
- Jimmy buys a piece of property worth $90454, Jimmy makes a down payment of $17541, and pays the remaining portion of the debt with a mortgage consisting of year end payments for the next 18 years. If interest on the mortgage is 5.6% compounded yearly, then in what amount are the payments? Answer:Fred owes $10,000 due in three years and $5,000 due in ten years. Fred is allowed to pay off both loans after four years at 9% simple interest. How much does Fred pay?Fred owes $12000 due in two years and $8,000 due in twelve years. Fred is allowed to pay off both loans after six years at 8% compounded annually. How much does Fred pay?
- Marcus receives an inheritance of $11,000. He decides to invest this money in a 15-year certificate of deposit (CD) that pays 6.0% interest compounded monthly. How much money will Marcus receive when he redeems the CD at the end of the 15 years? Marcus will receive (Round to the nearest cent.)When Christian bought his home, he borrowed $315,700 at 4.2% interest, compounded monthly for 25 years. If he makes all 300 payments, repaying his loan on schedule, how much interest will he pay? (Assume all payments are of equal amount)Noel purchases a house and gets a 15-year mortgage for $155,000 at 4.75% APR. In addition to the monthly payment, the lender requires him to pay into an escrow account for the homeowners insurance and property tax. His homeowners insurance is $1100 per year and the property tax is $1500 per year. Determine the monthly payment to the lender that includes the insurance and property tax. Round your answer to the nearest cent.
- Alan borrowed $5,000 from Janet due in seven years at 8% monthly. Four years after the debt is contracted, Janet sells the note to Burt for an amount based on 10% monthly. How much does Janet receive (the proceeds)?Tom Burke bought a home in Virginia for $160,000. He puts down 25% and obtains a mortgage for 30 years at 8%. What is Tom's (A) monthly payment, as well as (B) the total interest of the loan?Bozo borrowed $15,000 from Ernie due in 5 years at 6% compounded monthly. Immediately after the debt is contracted, Ernie sells the note to Max for an amount based on 5% compounded monthly. How much does Ernie receive?
- Ali contributed $1,000 per year for the past 9 years into an RRSP account, earning 3.8% compounded annually. If he leaves the accumulated contributions for another 5 years in the RRSP at the same rate of interest, a. How much will Ali have in total in his RRSP account? b. How much did Ali contribute? c. How much will be the interest?Kaelyn borrows $30,000 from her grandfather today to cover her college expenses. She agrees to repay the loan, with the first payment due 5 years from today in the amount of $2,000. No payment is made at the end of year 6. Starting 7 years from today, a series of 5 annual end-of-year payments is made, with the first in the amount of $X. Each subsequent payment is $1,500 greater than the previous payment. Draw the cash flow diagram of thistransaction from the grandfather’s perspective.Adam purchases a house and gets a 20-year mortgage for $185,000 at 5.5% APR. In addition to the monthly payment, the lender requires him to pay into an escrow account for the homeowners insurance and property tax. His homeowners insurance is $1000 per year and the property tax is $1300 per year. Determine the monthly payment to the lender that includes the insurance and property tax. Round your answer to the nearest cent.