Rebecca saved $1000 from her summer job and bought a CSB earning 3.75%, compounded monthly. She started an after school job in September and wants to have $2000 by next summer so she can go travelling. How much does she need to save from her pay every month for 10 months if she can deposit the money in an account earning 2%, compounded monthly?
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- Mary would like to save $10,000 at the end of 5 years for a future down payment on a car. a. How much should she deposit at the end of each month in a savings account that pays 1.2%/a, compounded monthly, to meet her goal? b. If you currently have a part-time job, consider your hourly wage. If you do not have a job, use the minimum hourly wage in your jurisdiction. How many hours each month would you have to work, just to make those payments? Write a brief reflection on the advantages and disadvantages to long-term saving for a purchase, compared to borrowing a large sum of money and paying it off over time. Note that interest rates for savings accounts are always lower than interest rates for borrowing.Arianne borrowed $6200 to buy a vehicle to drive to school. She plans to study for 3 years, and then start her career using her education. Interest is charged on the loan at 7.64% compounded annually. If she starts making month-end payments of $230 when she begins working, how many payments will she have to make?Jane has taken a part-time job to save for a $1006 racing bicycle. If she puts $30 each week into a savings account paying 5.2% compounded weekly, how many weeks will she be able to buy the racing bicycle?
- Dina Naples is saving money at the IBM Credit Union for a down payment on a house. How much does she have to save at the end of every month in order to accumulate a total of $12,000 at the end of five years if the money is invested at 0.5% per month?Determine whether each scenario below is a savings/investments question or a loans question. 1. Sabrina finances a $21,999 car at 4.25% APR over 5 years. If she makes a down payment for $5,000, how much will she end up paying in interest for the car? 2. Alejandro deposits $1,500 into an investment account with an APR of 2.25% compounded monthly. How much does Alejandro need to put into his account each month in order to have $5,000 in 3 years to purchase a car in cash? 3. Amy wants to buy a house for $150,000. She doesn't have enough yet for a 20% down payment. If she puts $2,000 into the account now and $500 every month, how long will it take for her to have enough for a 20% down payment to buy this house? 4. Arnie paid $500 for his $1,200 laptop. If he finances the rest at 6.75% over 24 months, how much money will he end up paying in total for this laptop?Olivia recently bought a house for $355,000 using a 10 year home loan with 4.25% interest rate. She used 15% of the amount towards the downpayment and took loan for the balance amount.How many months sooner she can payoff the entire loan if she decides to make an additional payment of $125 every month? Group of answer choices approximately 6 months approximately 9 months approximately 4 months approximately 13 months. Please answer fast i give you upvote.
- a. Jane has a $35,000 bank loan that she wishes to pay off in five equal annual payments with 12% interest. If the first payment is due one year from today, what will be the amount of the annual payment necessary? $fill in the blank 1 b. Joan wants to borrow some money from the bank to start a small business. Joan can afford to pay off the loan in 15 annual installments of $9,500. The bank charges an annual interest rate of 12%. If Joan makes the first payment one year from the date of the loan, how much can Joan borrow? $fill in the blank 2Bianca decides to stop going to the coffee shops in the morning and figures she saves about $30 per week by doing so. Instead, she deposits $30 at the end of each week into an account that earns 3.8% interest. How much money will she have saved in this coffee account after 5 years?Ellen is shopping for a truck and has up to $325 to spend biweekly at a dealership in Selkirk, MB where the PST + GST is 12%. She wants to pay the truck off in 5 years. She has a down payment of $1400. The dealership will finance the truck at an interest rate of 4.95%. a. How expensive a truck can Ellen afford to buy? b. How much interest will Ellen pay over the course of the loan?
- Heather borrowed $4700 on her credit card to purchase new furniture. Find the monthly interest charges, which are 1.8% per month on the unpaid balance. Find the interest charges if she moves the debt to a credit card charging 0.7% per month on the unpaid balance. What are the interest charges at 1.8% a month? What are the interest charges at 0.7% a month? What are the savings that using the 0.7% card brings over the 1.8% card?Maria and John decide to shop for furnishings for the new house. They choose items that amount to $5600.00. The store has 2 fixed installment simple interest loan options for purchasing: They decide to defer any purchases and invest a $5600 bonus that Maria will be getting from work in a savings account. The interest rate is 1.8% compounded every month. How much interest will they earn in 4 years? Show workMaria saves $32 at the end of each week and deposits the money in an account paying 12% compounded semi-annually. How much will Maria accumulate in 5 years? How much of the accumulated amount is interest? Not use excel to solve