Questions on Word Problems: Money, Business and Interest answered by real tutors!

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Question 1142400: Jackson wants to have $18,000 available to buy a motorcycle in three years. How much should Jackson save each month if he earns 5% interest, compounded monthly?

Click here to see answer by ikleyn(52748)

Question 1142409: How many days will it take for your T-bill to increase in value from 875$ to 900$ if it earns a simple interest rate of 4.9%? Round to the nearest day. Calculate the answer based on a 360 days in a year.
Click here to see answer by greenestamps(13195)

Question 1142424: Lily and Frank found a house they like, and to buy it they will have to borrow $360,000 from their bank at 6.575% per annum, repayable over 20 years
5 years after taking out their loan, Lily and Frank inherited $80,000 from a relative and decided to use it to help pay down their loan. After the payment was made, the bank offered two options
-Continue to pay off the loan with monthly repayments as previously calculated (and complete loan sooner)
Or
-Continue to pay off loan over 15 remaining years with monthly repayments
i) Which option will cost Lily and Frank the least money overall?

Click here to see answer by Theo(13342)

Question 1142470: A person plans to invest $4500. He will invest in both a small growth account at 4.2% annual interest and a large growth account at 5.8% annual interest. How much should he invest in each account so that the total interest in one year will be $213
Click here to see answer by Alan3354(69443)

Question 1142477: im struggling with this:
algelica invested part of her 15000 dollar inheritance in an account earning 4 percent simple interest and the rest in an account earning 3 percent simple interest. How much did she invest in each account if she earned 520 dollars in total interest after one year
Click here to see answer by Theo(13342)

Question 1142482: Please help me solve this question :
$700 is save in account now. This money is to be withdrawal $300 at the end of two years and $X at the end of eight years. Find the amount of second withdrawal assuming that money is worth 5.5% per annum using ten years the focal date.
Click here to see answer by Theo(13342)

Question 1142508: If Naomi decides that she will invest $4 comma 500 per year in a 4% annuity for the first ten years, $9,000 for the next ten years, and $13,500 for the next ten years, how much will she accumulate? Treat each ten-year period as a separate annuity. After the ten years of an annuity, then it will continue to grow at compound interest for the remaining years of the 30 years.
Click here to see answer by ikleyn(52748)

Question 1142577: One safe investment pays 10% per year, and a more risky investment pays 18% per year. A woman who has $138,600 to invest would like to have an income of $18,740 per year from her investments. How much should she invest at each rate?
Click here to see answer by ankor@dixie-net.com(22740)

Question 1142586: Southwest Dry Cleaners believes that it will need new equipment in 9 years. The equipment will cost $26,000. What lump sum should be invested today at 4% compounded semiannually, to yield $26,000?
Click here to see answer by josmiceli(19441)

Question 1142590: elsa, manuel, and ahmad have a total of $106 in their wallets. ahmad has 2 times what manuel has. manuel has $10 less than elsa. how much do they have in their wallets?
Click here to see answer by ikleyn(52748)

Question 1142587: Sandra deposits $3,000 at the beginning of each semiannual period for 13 years at 8% interest compounded semiannually.
Click here to see answer by ikleyn(52748)

Question 1142602: I am stumped on this one, can someone help me out? I think I am overthinking this. I have literally stared at this and I have no Idea which way to go with it-- TIA

Matthew Plant has $36000 invested in stock A and stock B. Stock A currently sells for $40 a share and stock B sells for $60 a share. If stock B doubles in value and stock A goes up 50%, his stock will be worth $66000. How many shares of each stock does he own?
Click here to see answer by ikleyn(52748)

Question 1142613: My goal is to create a college fund for my child. Suppose I find a fund that offers an APR of 5%. How much should I deposit monthly to accumulate $87,000 in 15 Years?
How much should I invest ___ each Month?
I should be using the savings plan formula.
Click here to see answer by ikleyn(52748)

Question 1142639: How many days will it take for your T-bill to increase in value from $875 to $900 if it earns a simple interest rate of 4.9%?
Click here to see answer by ikleyn(52748)

Question 1142663: Year to date, company O had earned a -2.10 % return. During the same time period, company v earned 8.00 % and company m earned 6.35%. If you have a portfolio made up of 40% company o, 30% company v, and 30% company m, what is your portfolio return?
Click here to see answer by Theo(13342)

Question 1142755: My sister told me the January before last I was getting 20,000 from my father's annuity as well as her 20,000 when the check came it was only 3,200.At first she asked if I wanted it over five yrs I said no I want to buy a house then next thing I know I get 3,200 and she says I don't know Bridget I got the same amount i8 don't know why. She's too particular about everything she didn't make a 34,000 solar mistake. Right?? Where's my money
Click here to see answer by Alan3354(69443)

Question 1142770: Eddie earns $13.40 per hour for a normal 8-hour workday and 32 times this rate for hours worked overtime. On a certain day, Eddie earned $168.84. How long did Eddie work?
a) Write an equation for the total amount of money that Eddie earned. Use the variable t to represent the time Eddie worked.
Answer:
b) Solve this equation for t. Include the appropriate units in your answer.
Answer: t=
Click here to see answer by josgarithmetic(39613)

Question 1142788: Use graphical approximation techniques or an equation solver to approximate the desired interest rate. A person makes annual payments of $ 1000 into an ordinary annuity. At the end of 55 years, the amount in the annuity is $ 5631.47. What annual nominal compounding rate has this annuity earned?
Click here to see answer by ikleyn(52748)

Question 1142920: question and answer andy is applying as working student at a certain sari-sari store. the owner will give an allowance of 400 for the first week and promise to give an increase od 10 per week. make a table showing the allowance of andy per week
Click here to see answer by ikleyn(52748)

Question 1142927: Bridget deposited $4500 at 6 percent simple interest. How much money was in the account at the end of three years?
Click here to see answer by ikleyn(52748)

Question 1142972: A television set is on sale for 25,000,which is 4/5 of the regular price. What is the regular price of the television set?
Click here to see answer by josmiceli(19441)

Question 1142973: Ms. Garcia is selling make-up sets at a sale price of 5,735 each. If this is a 15% off sale, what is the original price of make-up sets?
Click here to see answer by Alan3354(69443)

Question 1142970: James Investes a part of 150,000 at 75 and the remaining part at 5%. How much did he invest at 7% if he receive a total interest of 10,000 after a year?
Click here to see answer by ikleyn(52748)

Question 1142979: You invested $29,000 in two accounts paying 3 % and 4% annual interest, respectively.If the total interest earned for the year was $1090, how much was invested at each rate?
Click here to see answer by ikleyn(52748)

Question 1142983: A new car costs 29,000 depreciates to 80% of its value in 4 years
A.assume that the depreciation is linear what is the linear function that models the value if this car t years after purchase?
B. Assume that the value of the car is given by an exponential function Ae^kt where a is the initial price of the car find the value of the constant k
Click here to see answer by josmiceli(19441)

Question 1143165: Interest rate is 7% and doubling time is 10.2 years. You have invested $5,000.00. In how many years will your money $40.000.00
Click here to see answer by math_helper(2461)

Question 1143185: Grace bought an 800-peso jacket at 20% discount and a 1,200-peso shoes at a 10% discount. how much did she save?
Click here to see answer by josgarithmetic(39613)

Question 1143185: Grace bought an 800-peso jacket at 20% discount and a 1,200-peso shoes at a 10% discount. how much did she save?
Click here to see answer by ikleyn(52748)

Question 1143251: Bobby would like to take a trip to Greece in 5 years. He will need $1,575 monthly while he is there and expects to remain there for 8 months. If money is worth 3.9% compounded monthly, how much will Bobby need to deposit now in order to make his trip to Greece become a reality? Assume he will need the money at the BEGINNING of each month.

Click here to see answer by Theo(13342)

Question 1143250: Suppose you accumulated $500,000, perhaps from many years of saving. You put the money in a savings plan earning 6% compounded monthly. If you want to live off the interest without disturbing the $500,000 balance, what amount can you withdraw at the beginning of each month?
Click here to see answer by Theo(13342)

Question 1143249: Suppose you accumulated $500,000, perhaps from many years of saving. You put the money in a savings plan earning 6% compounded monthly. If you want to withdraw $4,000 at the beginning of each month, how long before the savings plan is exhausted?
Click here to see answer by Theo(13342)

Question 1143318: Jen invested 20000 part in bonds that paid 3% per annum and the remainder in term deposits that paid 5% per annum.
the total interest earned after one year was 5760.
how much did she invest at each rate?
Click here to see answer by Theo(13342)

Question 1143336: Stan has a $18,200 certificate of deposit that earns 4.8% interest compounded quarterly for 5 years. What is the compound interest after 5 years?
Click here to see answer by Theo(13342)

Question 1143468: Maricopa's Success scholarship fund receives a gift of $ 125000. The money is invested in stocks, bonds, and CDs. CDs pay 5.25 % interest, bonds pay 4.6 % interest, and stocks pay 9.6 % interest. Maricopa Success invests $ 15000 more in bonds than in CDs. If the annual income from the investments is $ 8445 , how much was invested in each account?
Maricopa Success invested $
in stocks.
Maricopa Success invested $
in bonds.
Maricopa Success invested $
in CDs.
Click here to see answer by Boreal(15235)

Question 1143509: Mr.Popo deposited on a savings bank earning 5% per year compounded annually. After 3years, he decided to transfer the accumulated amount to an investment bank which earns 8% per year compounded quarterly. If the accumulated amount after six years in the investment bank is 102,408.19, how much did he deposit on the savings bank?
Click here to see answer by ikleyn(52748)

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