On January 1, you deposit $5,000 in a credit union that pays 8% nominal annual interest, compounded quarterly. You wish to withdraw all the money in five equal yearly sums, beginning 31 December of the first year. How much should you withdraw each year?
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A: answer was attached below
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A: Ans in step 2
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A: * SOLUTION :-
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- You borrow $ 27965 at 12.25 % interest compounded monthly. If you are unable to make any payments for 5 years, how much do you owe at the end of 5 years? No rounding off to interest rate and round off your final answer to 2 decimal places.1. Determine the ordinary simple interest on a 5 years loan of $ 195703 at 13.05%. 2. Compute for the effective interest rate. Payment period = monthly Interest period = 3.89% compounded yearly 3. Compute for the effective interest rate. Payment period = monthly Interest period = 20.2% compounded semi-annual 4. Determine the exact simple interest on a 180-day loan of $ 4103.4 at 10%. 5. If you deposit $22115.09 into an account paying 5% annual interest compounded semi-annually, how much money will be in the account after 12 years? 6. Compute for the effective interest rate. Payment period = every 3 months Interest period = 18.78% compounded continuously 7. ₱10,000 is given at 5% per annum for one year and interest is compounded half yearly. Another ₱3,000 is given at 40% per annum compounded quarterly for 1 year. a. Interest earned from ₱10,000 deposited/invested is ₱ Blank 1 b. Interest earned from ₱3,000 deposited/invested is ₱ Blank 2 c. The total interest received is ₱ Blank 3…You want to borrow $41,611. You must repay the loan in 13 years in equal monthly payments and a single $3,960 payment at the end of 13 years. The interest rate is 15% nominal per year. What is the amount of each payment?
- Mr. Bill deposited 100,000 pesos in bank account earning interest at the rate of 10% compounded quarterly, what will it become at the end of 10 years?Chris makes a deposit of $500 into his savings account at the beginning of each year for the next 20 years. If the account earns 5% interest rate per year compounded annually, what will be the future value at the end of 20 years?Need to calculate.If you borrowed $24,000 at 12% annual interest. You agreed to repay the loan with five equal annual payments. How much of the total amount repaid is interest? How much of the third annual payment is interest, and how much principal is there? If you decided to pay off your loan after the third payment, how much will you pay?
- You borrowed an amount of $15,000 and paid it $20,223 in 3 years. If the interest rate was compounded monthly, what is the nominal interest rate?You buy a car for $27000. You get a loan at 7% interest compounded yearly. You will have 60 equal monthly payments of 5543.63 each month. How much total interest will you have payed on the car loan once all of your payments are complete..How long will it take GH¢2,000 to accumulate GH¢800 interest at 10% compounded quarterly?
- How much money would you need to deposit today at 8% interest compounded quarterly to have $15,000 in the account after 8 semi annuals?An investment of $2658 is made at the beginning of each month for 4 years and 11 months. How much will the investment be at the end of the term, if interest is 5% compounded monthly? Round your answer to 2 decimal places.A bank saving account offers 4% compounded on a quarterly basis. A customer deposit $200, in this type of account, at the start of each quarter starting with the first deposit on the first of January and the fourth deposit on the first of October. What is the total amount in his account at the end of the year?