Tutors Answer Your Questions about Money Word Problems (FREE)
Question 1158933: Finite mathematics-
Beth obtained a student loan of $75,000 to finish her last two years of medical school. She would make no payments until she finished, but the loan would accumulate interest at 2.7% compounded monthly. When she finish school, Beth was to begin monthly payments that would repay the loan in eight years at 2.7% interest.
A) Find the amount of the loan when Beth finished school.
B)Find the monthly payments she should make in order to pay off her debt and eight years.
C) What is the total amount Beth pays over the 10 year period?
D) What is the total amount of interest?
Click here to see answer by KMST(5399)   |
Question 1158466: Ruth purchased some furniture on credit and has secured a loan from her bank at 12% per year compounded monthly. Under the terms of her finance agreement, she his required to make payments of $116.25 at the end of each month for 36 months. What was the purchase price of Ruth's furniture?
Click here to see answer by KMST(5399) |
Question 955652: Suppose $20,000 is invested into an account where interest is compounded semiannually. After 30 years the balance is $231,165.
What was the interest rate as a percent?
Round the answer to the nearest hundredth of a percent.
Click here to see answer by ikleyn(53938)  |
Question 959172: Tom and Louise wants to establish an account that will supplement their retirement income beginning 30 years from now. Suppose they can invest in a fund that pays 6% interest compounded quarterly.
a. What is the lump sum they must deposit today so that $500,000 will be available at time of retirement if the account pays?
b. If they deposit $10,000 in the account now, how long would it take their money to double?
Click here to see answer by ikleyn(53938) |
Question 1161007: Starting at age 35, you deposit $2000 a year into an IRA account. Treat the yearly deposit into the account as a continues income stream. If money iN the accounts earns 7%, compounded, how much will be in the account when you’re retire at age 65?
Click here to see answer by Edwin McCravy(20086)  |
Question 1137106: madison started a bank account with $200. each year, she earns 5% in interest, which means in the account is multiplied by 1.05 each year.
a) what are the first three terms of this sequence?
b) write an equation to represent this sequence.
c) if madison does not withdraw money from her account, how much will she have in 10 years?
Click here to see answer by ikleyn(53938) |
Question 1008342: If we have $4000 to put in the bank earning 4.5 % interest compounded 2 times per year; how long will it take before we double our money?
Your money would double in years.
If we have $P o to put in the bank earning 4.5 % interest compounded 2 times per year; how long will it take before we double our money?
Your money would double in years
Click here to see answer by ikleyn(53938) |
Question 1162507: A corporation issues a RM2, 500, 000 piece of commercial paper that comes due in 2 years. If it sets up a sinking fund with an institution that pays 8%, what will its quarterly payment be? Set up a schedule showing the accumulation of the assets in this sinking fund.
Click here to see answer by CPhill(2264)  |
Question 284285: Hi! I need to ask help for this problem. The answer that I got was $1,200, and I've a nagging feeling that that may be wrong. The problem is:
Mr. A owned 60% of a mill and Mr. B the remainder. Mr. A sold part of what he owned to Mr. B for $1,200, and then Mr. B owned as much as Mr. A. At this rate, how much is the total value of the mill?
Click here to see answer by josgarithmetic(39838) |
Question 284285: Hi! I need to ask help for this problem. The answer that I got was $1,200, and I've a nagging feeling that that may be wrong. The problem is:
Mr. A owned 60% of a mill and Mr. B the remainder. Mr. A sold part of what he owned to Mr. B for $1,200, and then Mr. B owned as much as Mr. A. At this rate, how much is the total value of the mill?
Click here to see answer by greenestamps(13367)  |
Question 284285: Hi! I need to ask help for this problem. The answer that I got was $1,200, and I've a nagging feeling that that may be wrong. The problem is:
Mr. A owned 60% of a mill and Mr. B the remainder. Mr. A sold part of what he owned to Mr. B for $1,200, and then Mr. B owned as much as Mr. A. At this rate, how much is the total value of the mill?
Click here to see answer by n2(91) |
Question 284285: Hi! I need to ask help for this problem. The answer that I got was $1,200, and I've a nagging feeling that that may be wrong. The problem is:
Mr. A owned 60% of a mill and Mr. B the remainder. Mr. A sold part of what he owned to Mr. B for $1,200, and then Mr. B owned as much as Mr. A. At this rate, how much is the total value of the mill?
Click here to see answer by ikleyn(53938) |
Question 283771: Kevin invested part of his 10,000 bonus in a certificate of deposit that paid 6% annual simple interest, and the remainder in a mutual fund that paid 11% annual simple interest. If his total interest for that year was $900, how much did kevin invest in the mutual fund?
Click here to see answer by josgarithmetic(39838) |
Question 283771: Kevin invested part of his 10,000 bonus in a certificate of deposit that paid 6% annual simple interest, and the remainder in a mutual fund that paid 11% annual simple interest. If his total interest for that year was $900, how much did kevin invest in the mutual fund?
Click here to see answer by greenestamps(13367) |
Question 283771: Kevin invested part of his 10,000 bonus in a certificate of deposit that paid 6% annual simple interest, and the remainder in a mutual fund that paid 11% annual simple interest. If his total interest for that year was $900, how much did kevin invest in the mutual fund?
Click here to see answer by ikleyn(53938) |
Question 282321: A jogger started a course at 4.5 mph. A cyclist started the same course 1 hour later at an average speed of 14 mph. How long after the jogger started did the cyclist take over the jogger? Round to the nearest tenth of an hour.
Click here to see answer by greenestamps(13367) |
Question 282321: A jogger started a course at 4.5 mph. A cyclist started the same course 1 hour later at an average speed of 14 mph. How long after the jogger started did the cyclist take over the jogger? Round to the nearest tenth of an hour.
Click here to see answer by ikleyn(53938) |
Question 279618: Investor Company loaned out a total of $36,000, part at 6% interest and part at 9% interest. They reported that the annual earnings from both investments were the same amount that would have been earned by the total loan if it had been invested at 8%. Find the amount loaned at each rate.
Click here to see answer by ikleyn(53938) |
Question 1210582: At the time of her grandson's birth, a grandmother deposits
$ 11,000
$11,000 in an account that pays
6 %
6% compounded monthly. What will be the value of the account at the child's twenty-first birthday, assuming that no other deposits or withdrawals are made during this period?
The value of the account will be $?
Click here to see answer by MathTherapy(10858)  |
Question 1210582: At the time of her grandson's birth, a grandmother deposits
$ 11,000
$11,000 in an account that pays
6 %
6% compounded monthly. What will be the value of the account at the child's twenty-first birthday, assuming that no other deposits or withdrawals are made during this period?
The value of the account will be $?
Click here to see answer by josgarithmetic(39838) |
Question 1210581: At the time of her grandson's birth, a grandmother deposits
$ 11,000
$11,000 in an account that pays
6 %
6% compounded monthly. What will be the value of the account at the child's twenty-first birthday, assuming that no other deposits or withdrawals are made during this period?
The value of the account will be $?
Click here to see answer by ikleyn(53938) |
Question 1210581: At the time of her grandson's birth, a grandmother deposits
$ 11,000
$11,000 in an account that pays
6 %
6% compounded monthly. What will be the value of the account at the child's twenty-first birthday, assuming that no other deposits or withdrawals are made during this period?
The value of the account will be $?
Click here to see answer by timofer(159) |
Question 1000209: A man invests his savings in two accounts, one paying 6 percent and the other paying 10 percent simple interest per year.
He puts twice as much in the lower-yielding account because it is less risky. His annual interest is 3960 dollars.
How much did he invest at each rate?
Click here to see answer by josgarithmetic(39838) |
Question 1000209: A man invests his savings in two accounts, one paying 6 percent and the other paying 10 percent simple interest per year.
He puts twice as much in the lower-yielding account because it is less risky. His annual interest is 3960 dollars.
How much did he invest at each rate?
Click here to see answer by ikleyn(53938) |
Question 1028742: Mr. Cantoni invested 50,000.00. A part of it is invested in a bank at 2% yearly interest and another part of it in a mutual fund at a 5% yearly interest. How much investment was made in the mutual fund if his yearly income from the two is 2,800.00?
Click here to see answer by josgarithmetic(39838) |
Question 1028742: Mr. Cantoni invested 50,000.00. A part of it is invested in a bank at 2% yearly interest and another part of it in a mutual fund at a 5% yearly interest. How much investment was made in the mutual fund if his yearly income from the two is 2,800.00?
Click here to see answer by ikleyn(53938) |
Question 1164876: A dealer has PKR 100 million and receives the following rates of foreign exchange from the market. Find out how dealer can earn maximum arbitrage profit in FX market transaction. Solve and explain step by step.
USD/PKR 138/139
GBP/PKR 199/201
GBP/USD 1.2729/35
EUR/GBP 1.1520/33
Click here to see answer by CPhill(2264) |
Question 1164972: A major shipping company is planning to purchase new cargo ships. It wants to borrow $1100 million by issuing bonds. The bonds are for a 15-year period with at a rate of 9 percent per year compounded quarterly. Interest is to be paid each quarter to bondholders. How much will the company have to pay in quarterly interest? How much interest will it pay over the 12-year period?
Click here to see answer by CPhill(2264) |
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