Janet deposited $12,000 in her savings account on June 15, 2018. The savings account earns her 2.50%. What would be balance of Janet's savings account on October 28, 2018?
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- Helen borrows $1000. To repay the amount she makes 12 equal monthly payment of $93.12 1- determine the monthly interest rate 2- the nominal rate 3- the effective annual rate 4- the continous rateFred takes out a loan for $1300 at an interest rate of 5% for a period of 5 years. Calculate the total amount that Fred must pay back at the end of the loan period. Round your answer to two decimal places3. You are looking to retire in 35 years and your company has a 401K plan that has a 5.2% annual return. You deposit $400 a month from your paycheck into the account. Calculate the amount of your retirement when you retire.
- Give typing answer with explanation and conclusion Michael can afford car payments of $275 a month for 72 months. The bank will lend him this money at 11.40 percent APR. How much can Michael borrow?Explain Methods of Calculating Interest?1) Calculate the value of a loan today that will be repaid with quarterly payments for a period of two years. During the first year, the quarterly payment is for $300, while in the second year, the quarterly payment increases to $400. Assume that the bank is charging an interest rate of 3% quarterly. Show your work.
- How much money will you have in seven yearsif you deposit $7,000 in the bank at 8.5% interestcompounded daily?You deposit $3,000 in a bank at an annual interest rate of 7%. What will your bank balance be in 27 years?You decide to purchase a house and need a $160, 000 mortgage. You take out a loan from the bank that has an annual interest rate of 6%. What is the monthly payment to the bank to pay off the loan in 20 years? ( i need final answer only no need of all calculation)
- If you put your $100 into a saving account which earns 5% interest, how long does it take for your money to double?Today you deposited $10,000 in a savings account paying 7% annual interest. How much should you have at the end of five years?Distinguish between the present worth of cash and future worth of cash?
