The annual interest rate on a credit card is 13.99%. If the minimum payment of $10 is made each month, how many months will it take to pay off an unpaid balance of $841.21? Assume that no new purchases are made with the credit card. RIOR It will take 59 months to pay off the unpaid balance. (Do not round until the final answer. Then round up to the nearest integer as needed.)
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- You borrow $700,000 at 3% interest for 30 years on a mortgage. How much total will you pay back on the loan? Assume monthly compounding and round to two decimal places. Hint: Multiply the number of payments by the amount of the payment.If you borrowed $30,000 at 25% annual interest. You agreed to repay the loan with five equal annual payments. How much of the total amount repaid is interest? How much of the third annual payment is interest, and how much principal is there? If you decided to pay off your loan after the third payment, how much will you pay? (Please Include Equations used and cashflow diagram)If you deposit 500 pesos at the end of each year for 3 years into an annuity that pays 5% annual simple interest, what is the value at the end of 3 years? (Round off to whole numbers. Digits only. No commas.)
- How quickly will 500$ will grow to 2000$ pesos if interest is 5% compounded quarterly?A person borrowed $200 for one month and paid $30 in interest. However, she did not know whether the interest was simple or compounded monthly. How much does she need to pay back if this loan is not paid off for 1 year. What is the annual interest rate for each situation? Calculate for both the annual simple and the compound rates.How long will it take GH¢2,000 to accumulate GH¢800 interest at 10% compounded quarterly?
- If you wish to be a millionnaire at 35 years old, and 5% interest was paid annually, how much should you put into your savings account now?Please give me the exact solution of problem below You have $25,000 in an account that pays 6% interest compounded annually. You want to make equal annual withdrawals so that the money lasts 8 years exactly. (i) Find the amount of each withdrawal. (ii) Find the amount of each withdrawal if the money must last 12 years.You have just been hired as a loan officer at a national bank. Your first assignment is to calculate the amount of the periodic payment (in $) required to amortize (pay off) the following loan being considered by the bank (use Table 12-2). (Round your answer to the nearest cent.) LoanPayment PaymentPeriod Term ofLoan (years) NominalRate (%) Present Value(Amount of Loan) $ every month 1.75 6 $30,000
- Bobby was desperate. He borrowed $600 from a pawn shop and understood he was to repay the loan starting next month with $100, increasing by $10 per month for a total of 8 months. Actually, he misunderstood. The repayments increased by 10% each month after starting next month at $100. Use a spreadsheet to calculate the monthly interest rate that he thought he was to pay, and what he actually will pay.Lane French had a bad credit rating and went to a local cash center. He took out a $100 loan payable in two weeks at $113.50. What is the percent of interest paid on this loan? (Do not round intermediate calculations. Round your answer to the nearest whole percent.) Percentage of Interest? %Bank North advertises, "We pay 3.50%, compounded daily." Bank South says, "We pay 3.50%, compounded continuously." If you deposit $10,000 with Bank South for one year, how much additional interest will you receive?