Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 2. you deposit $1500 in an account earning 3.75% i

2. You deposit $1500 in an account earning 3.75% interest compounded monthly. A. (2.5pts.) How...

60.1K

Verified Solution

Question

Accounting

image
2. You deposit $1500 in an account earning 3.75% interest compounded monthly. A. (2.5pts.) How much will you have in the account in 7 years? B. (1.5pts.) How much interest will you have gained? 3. (2pts.) A payday loan company charges a $60 fee for a $700 payday loan that needs to be repaid in 14 days. Treating the fee as interest paid, what is the equivalent simple interest rate? Use the fact that there are 365 days in a year. Round to the nearest hundredth of a percent. Don't be surprised if the answer is more than 100%. 4. (3pts.) You pay $450 a month for a loan on a car purchase. You are getting a rate of 5.5% compounded monthly, how much is the remaining balance of the loan for the last 2 years

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Medical Sciences
1.2K views

1. Levels of which of the following hormones would be expected to rise if one needed...

General Management
1.2K views

Give an example from your personal experience of how differences in tasks, personal background, and training...

Statistics
1.2K views

The frequency table below shows the scores of a group of students on a 10...

Algebra
1.2K views

Write in radical form. Do not simplify.14x/? = ________

Accounting
1.2K views

5-times what is the effects of this to firm value?decrease or increase? An...

Accounting
1.2K views

NEED HELP ASAP Leonard Nimoy & Starfleet Associates...

Accounting
1.2K views

Complete this question by entering your answers in the tabs below. Prepare a partial balance...

Accounting
1.2K views

Part 1: Accounts Receivables and Allowance Method 1) Orion Co. is a large wholesaler of...

Accounting
1.2K views

Harold Manufacturing produces denim clothing. This year, It produced 5,220 denim jeckets at a manufacturing...

Accounting
1.2K views

Retirement planning includes thinking about your housing situation, recreational activities, and possible volunteer or part-time...

Finance
1.2K views

For the following situation, explain how RMM should be assessed and what effect that assessment...

Finance
1.2K views

A company is considering a machine acquisition. The new machine will cost 60.000 TL and...