The phrase annual percentage rate leads some to believe that if you borrow $9000 from a credit card company which quotes an APR of 14.4%, and if no payments are made, then at the end of 1 year interest would be calculated at 14.4% simple interest on $9000. How much would you owe at the end of a year if interest is calculated in this way? (Round your answer to the nearest cent.)

Q: If $4000 is deposited at the end of each half year in an account that earns 6.6% semiannually, how…

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Q: If $3,700 was invested 4 months ago at a simple interest rate of 1.9%, what would be the value of…

A: A $3,700 was invested 4 months ago at a simple interest rate of 1.9%.

Q: The Weidmans want to save $25,000 in 2 years for a down payment on a house. If they make monthly…

A: Amount required in 2 years (Future value) =$25,000Time in months (n) = 2*12=24Interest rate is 12%…

Q: If you were investing money in an account and the interest rate was the same either way, would you…

A: If the same amount of money is deposited and the same rate of interest is applied then: Simple…

Q: A major shippingcompany is planning to purchase new cargo ships. It wants to borrow $1100 million by…

A: Given that, A major shipping company is planning to purchase new cargo ships. It wants to borrow…

Q: Consider the statement the interest rate on auto loans have increased by 50% over the past decade…

A: Given: The interest rate on auto loans have increased by 50% over the past decade and now stands at…

Q: What quarterly interest rate equals an annual interest rate of 2 %? Give your answer as a decimal…

A: Given that: Annual interest rate, i=2%

Q: Consider a 30-year fixed-rate home loan of $411,500 with an interest rate of 4.375%. What is the…

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Q: Your client believes that they will have $2,400,000.00 in a retirement account in 26 years. If the…

A: Given data is: Retirement amount is A=$2,400,000.00 Time (t)=26 years The inflation rate is  r=1.5%…

Q: Suppose you pay back $355 on a $325 loan and you had the loan for 60 days. What was your simple…

A: We have to use simple interest formula.

Q: With an annual inflation rate of 1.91%, how much did an item that now costs $8600 cost 8 years…

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Q: The Weidmans want to save $35,000 in 2 years for a down payment on a house. If they make monthly…

A: Weidmans want to save $35,000 in 2 years  Let's assume, The monthly deposit = x  The account paying…

Q: The Weidmans want to save $50,000 in 2 years for a down payment on a house. If they make monthly…

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Q: On January 1, 2018, $1,000 is placed in an account that earns 7% annual interest compounded…

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Q: A fund for education is being set up by a single payment so that at the end of 11 years there will…

A: Fund Amount after 11 years is $28265 If the fund earns interest at the rate of 5% compound…

Q: The Weidmans want to save $20,000 in 2 years for a down payment on a house. If they make monthly…

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Q: What is the simple interest rate on a $2100 investment paying $771.75 interest in 10.5 years?…

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Q: A recent college graduate moves back in with their parents and invests their entire first year…

A: Given  formula, A=P1+rnnt where, A = the future value of the investment, including interest P = the…

Q: What nomnal rate of discount of interest convertible once every four years is equivalent to a…

A: We need to determine, what nominal rate of discount of interest convertible once every four years is…

Q: A MasterCard statement shows a balance of $560 at 13.9% compounded monthly. What monthly payment…

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Q: A bank deposit paying simple interest at the rate of 8%/year grew to a sum of $2000 in 10 months.…

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Q: For life insurance policies, some of the premium pays for the cost of the insurance, and the…

A: As per company guidelines we are allowed to solve one question at a time so i am solving first one…

Q: What is the present value of 1700 dollars to be paid in 5 years, if the effective rate of interest…

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Q: If a bank advertises "triple your money in 12 years", what simple rate of interest is it offering?

A: We need to calculate the simple interest that the bank offers. The bank says "triple your money in…

Q: If Sandy can afford car payments of ​$260 per month for 5 ​years, what is the price of a car that…

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Q: What principal would you need to invest at a rate of 7% to earn $150 in 9 months? Round your answer…

A: To find: principal amount

Q: Sierra plans to retire at age 63, and estimates that $69,600 a year in retirement for 22 years will…

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Q: Assume the price of oil increases at a rate of 3% per month. At the beginning of March, the price is…

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Q: If the final value is $5380 at the end of 5 years and the simple rate of interest is 9%, what is the…

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Q: What nominal rate of interest convertible once every four years is equivalent to a nominal rate if…

A: What nominal rate of interest convertible once every four years is equivalent to a nominal rate if…

Q: What is the interest rate being charged to Mr. Ramirez who applies a loan amounting to Php 170,476…

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Q: Your employer offers a 401(k) plan with a 49% match, and you set a goal of retiring in 37 years with…

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Q: If you need $50,000 five years from now, what is the minimum amount of money you need to deposit…

A: Let I have to deposit $P  Final amount=A=50000 Time=t=5 years Interest rate=3%=0.03   a) Number of…

Q: A recent college graduate moves back in with their parents and invests their entire first year…

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Q: Suppose a one-year discount bond offers to pay $1000 in one year and currently sells for…

A: Given Face value =$1000 Sell Price =$950 we know that                Price of bond=Face Value(1+r)n…

Q: Is the following problem a percent increase problem or a percent decrease problem? Pat earns $10…

A: Given that Pat will get 5% pay raise next year. This means the problem is a percent increase…

Q: Your employer offers a 401(k) plan with a 27% match, and you set a goal of retiring in 30 years with…

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Q: Today, a typical family of four spends $920/month for food. If inflation occurs at the rate of…

A: It is given that a family spends 920/month for food and inflation occurs at the rate of 3% over next…

Q: If inflation has been running at 4.07% per year and a new car costs $23,700 today, what would it…

A: Given that  Inflation has been running per year=4.07% Cost of a new car=$23700 To find  The cost of…

Q: If inflation has been running at 2.51% per year and a new car costs $36,400 today, what would it…

A: We have to use compound interest series formula. Let 4 years ago the price was x. Therefore…

Q: An account starts with $1,000, and pays 100 percent interest per year. If the interest is credited…

A: If the interest is computed and credited more frequently during the year, the value of the account…

Q: What daily interest rate equals a quarterly interest rate of 17%? Give your answer as a decimal…

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Q: If the annual rate of inflation is 4%, find the price of a good at the end of a year if its price at…

A: the price at the beginning of the year $25 the rate of inflation is 4% the price at  the end of the…

Q: What quarterly interest rate equals an annual interest rate of 15 %? Give your answer as a decimal…

A: Given problem is :   What quarterly interest rate equals an annual interest rate of 15 %? Give…

Q: VongVong lent 6,000 pesos to Lenni for 2 years and 1500 pesos to Hisko for 4 years and received…

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Q: What monthly interest rate equals a quarterly interest rate of 2%? Give your answer as a decimal…

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Q: If you pay $5,500 for a simple interest note that will be worth $6,000 in 21 months, what annual…

A: topic - percentage

Q: For her 1st birthday, Ruth's grandparents invested $700 in an 18-year certificate for her that pays…

A: Given: For her 1st birthday, Ruth's grandparents invested $700 in an 18-year certificate for her…

Q: Suppose your salary in 2012 is $70,000. If the annual inflation rate is 5%, what salary do you need…

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