1. You have saved $1000 and have decided to deposit it into an account paying 3% APR compoundedmonthly. Since you have done so well with saving, you are also able to deposit $100 into the account atthe end of each month. Fill in the following table. (Don't use the regular deposits balanceformula.) (Round your answers to 2 decimal places.)At end of monthnumberInterest paid onprior balanceDepositBalance10003.

Computation of the table below:

Answered: 1. You have saved $1000 and have…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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1. You have saved $1000 and have decided to deposit it into an account paying 3% APR compounded monthly. Since you have done so well with saving, you are also able to deposit $100 into the account at the end of each month. Fill in the following table. (Don't use the regular deposits balance formula.) (Round your answers to 2 decimal places.) (0.125 pts each) Interest paid on prior balance At end of month Deposit Balance number 1000 3 4.
Suppose you deposit D dollars at the beginning of each month into an account that pays a monthly rate of r as a decimal. Then, the balance B of the account after t months is given by B = D(1 + r) (1 + r)t − 1 r dollars. Suppose you deposit $160 at the beginning of each month into an account that pays a monthly rate of r = 0.005, which corresponds to an APR of 6%. How long does it take for the account balance to build to $2600? Report your answer to the nearest whole month. months
You have maxed out your credit card and owe $5,100. Its interest rate is 21%. Each month, you make the minimum required payment of $31. (Round your answers to the nearest cent.) (a) During the September 20 through October 19 billing period, you pay the minimum required payment on October 1. Find the average daily balance, the finance charge, and the new balance. average daily balance $ finance charge $ new balance $ (b) During the October 20 through November 19 billing period, you pay the minimum required payment on November 11. Find the average daily balance, the finance charge, and the new balance. average daily balance $ finance charge $ new balance $ (c) During the November 20 through December 19 billing period, you pay the minimum required payment on November 30. Find the average daily balance, the finance charge, and the new balance. average daily balance $ finance charge $ new balance $ (d) Discuss the impact of making the…
Answer the following (up to two decimal points) by showing the working calculation. The rates of the months for 2018 are shown in the table below. There are 28 days in February and assume you withdraw hibah at the end of each month. Any positive or negative increment in the monthly rates shown is based on the basic rate. You open a new wadiah account with a deposit of RM5000 on 28.01.2018. You deposit another RM1000 and RM5500 on 13.02.2018 and 30.03.2018 respectively. Again, you deposit another RM1550 on 31.05.2018. Then, you deposit another RM8500 on 10.06.2018 but withdraw RM5000 on 28.06.2018. On 15.12.2018, you withdraw another RM2000 from the account and then withdraw again another RM3250 on 28.12.2018. What will be your total hibah on 30.12.2018? Table 1: Monthly rates Month Rate (%) Jan 4.00%* Feb +0.00% March +0.10% April -0.10% May +0.10% June +0.20% July -0.10% Aug +0.20% Sept +0.10% Oct +0.20% Nov -0.10% Dec +0.00% * Basic rate 2. Suggest two (2) financial instruments or…
1. Answer the following (up to two decimal points) by showing the working calculation. The rates of the months for 2018 are shown in the table below. There are 28 days in February and assume you withdraw hibah at the end of each month. Any positive or negative increment in the monthly rates shown is based on the basic rate. You open a new wadiah account with a deposit of RM5000 on 28.01.2018. You deposit another RM1000 and RM5500 on 13.02.2018 and 30.03.2018 respectively. Again, you deposit another RM1550 on 31.05.2018. Then, you deposit another RM8500 on 10.06.2018 but withdraw RM5000 on 28.06.2018. On 15.12.2018, you withdraw another RM2000 from the account and then withdraw again another RM3250 on 28.12.2018. What will be your total hibah on 30.12.2018? Table 1: Monthly rates Month Rate (%) Jan 4.00%* Feb +0.00% March +0.10% April -0.10% May +0.10% June +0.20% July -0.10% Aug +0.20% Sept +0.10% Oct +0.20% Nov -0.10% Dec +0.00% Basic rate
Suppose that on January 1 you have a balance of $6200 on a credit card whose APR is 18%, which you want to pay off in 1 year. Assume that you make no additional charges to the card after January 1 a. Calculate your monthly payments. b. When the card is paid off, how much will you have paid since January 1? c. What percentage of your total payment from part (b) is interest? C... a. The monthly payment is $ (Do not round until the final answer. Then round to the nearest cent as needed.)
Suppose that on January 1 you have a balance of $3100 on a credit card whose APR is 17%, which you want to pay off in 1 year. Assume that you make no additional charges to the card after January 1 a. Calculate your monthly payments.b. When the card is paid off, how much will you have paid since January 1?c. What percentage of your total payment from part (b) is interest?
Assume that you start with a balance of $610 on your credit card.During the first month you charge $180 and make a payment of $400. During the second month you charge $100 and make a payment of $280. Assume that your credit card charges a 24% APR. Complete the following take table. Round your answer to the nearest cent. Table 1 month- Previous balance- Finance charge- Purchase- Payments- New balance 2 month- Previous balance- Finance charge- Purchase- Payments- New balance You have a credit card with an APR of 28%. The minimum amount payment is 12% of the balance. Suppose you have a balance of $1050. You decide to stop charging and make only the minimum payment. Complete the table. Round your answers to the nearest cent Table 1 month- Previous balance- Finance charge- Purchase- Payments- New balance 2 month- Previous balance- Finance charge- Purchase- Payments- New balance
Suppose you have a revolving credit account at an annual percentage rate of 12%, and your previous monthly balance is $383.79. Find your new balance (in $) if your account showed the following activity. Use the unpaid balance method. (Round your answer to the nearest cent.)
Find the amount accumulated in an account where $25 is deposited monthly for 10 years at 2.5% interest compounded monthly. Assume the account currently has $450 in it. Round your answer to two decimal places if rounding is necessary. The $ sign is already listed next to the answer box, so do not type a $ sign in your answer.
Suppose you deposit $1,751.00 into an account today that earns 5.00%. It will take ___ years for the account to be worth $2,806.00. Answer format: Number: Round to: 2 decimal places.
Assume that you start with a balance of $3900 on your credit card. During the first month you charge $400 and during the second month you charge $650. Assume that your credit card charges a 29% APR and that each month you make only the minimum payment of 2.5% of the balance . Complete the following table. Round to nearest cent Table Month 1 Previous balance- Finance charge - Purchase- Payments- New balance Month 2 Previous balance- Finance charge - Purchase- Payments- New balance

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