Question

A credit card company wants your business. If you accept their offer and use their card, they will deposit 2% of your monetar

0 0
Add a comment Improve this question Transcribed image text
Answer #1

rate positively ..

We have to use finanical calculator to solve this
put in calculator -
PV 0
PMT 21000*2% -420
I 4%
N 17
Compute FV $9,952.96
answer= $9,952.96
Add a comment
Know the answer?
Add Answer to:
A credit card company wants your business. If you accept their offer and use their card,...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • A piece of airport baggage handling equipment can be purchased for $80,000 cash or for 583.000...

    A piece of airport baggage handling equipment can be purchased for $80,000 cash or for 583.000 to be financed over 6 months at % interest. This special offer is good for only the next two days. The salesperson states that at least $14,000 can be saved by the offer compared to the traditional financing plan at 0.5% per month over 6 months. Is this claim really true? Click the icon to view the interest and annuity table for discrete compounding...

  • You have credit card debt of $ 30 comma 000 that has an APR​ (monthly compounding)...

    You have credit card debt of $ 30 comma 000 that has an APR​ (monthly compounding) of 17 %. Each month you pay the minimum monthly payment only. You are required to pay only the outstanding interest. You have received an offer in the mail for an otherwise identical credit card with an APR of 11 %. After considering all your​ alternatives, you decide to switch​ cards, roll over the outstanding balance on the old card into the new​ card,...

  • I Pluvien 444 (diyor ) The Stafford plan now offers student loans at 5% annual interest....

    I Pluvien 444 (diyor ) The Stafford plan now offers student loans at 5% annual interest. After two years the interest rate will increase to 7% per year. If you borrow $5,000 now and $5,000 each year thereafter for a total of four installments of $5,000 each, how much will you owe at the end of year 4? Interest is compe the end of each year. Click the icon to view the interest and annuity table for discrete compounding when...

  • Your company wants to set aside a fixed amount every year to a sinking fund to...

    Your company wants to set aside a fixed amount every year to a sinking fund to replace a piece of industrial equipment costing $246,000 at the end of four years from now The sinking fund is expected to earn 6% interest. How much m ust your company deposit each year to meet this goal? Click the icon to view the interest factors for discrete compounding when 1-6% per year. Your company nust deposit each year Sto meet this goal. (Round...

  • Question 9: (2 points) Suppose you have $600 to invest in a savings plan, and you...

    Question 9: (2 points) Suppose you have $600 to invest in a savings plan, and you want to compare 4 could invest the money. Find the balance after one year if you deposit all the money into an account that interest each month (this is a simple interest equation where the amount of inte each month). Round answers to the nearest cent Find the balance after one year if you deposit all the money into an account that monthly compounding...

  • ECON You have purchased a machine costing $26,000. The machine will be used for two years,...

    ECON You have purchased a machine costing $26,000. The machine will be used for two years, and at the end of this time, its salvage value is expected to be $18,000. The machine will be used 7,000 hours during the first year and 9,000 hours during the second year. The expected annual net savings will be $36,000 during the first year and $49,000 during the second year. If your interest rate is 14%, what would be the equivalent net savings...

  • PAYING OFF CREDIT CARDS Simon recently received a credit card with an 13% nominal interest rate,...

    PAYING OFF CREDIT CARDS Simon recently received a credit card with an 13% nominal interest rate, with the card, he purchased an Apple iPhone 5 for $460. The minimum payment on the card is only $20 per month. a. If Simon makes the minimum monthly payment and makes no other charges, how many months will it be before he pays off the card? Do not round intermediate calculations. Round your answer to the nearest month. month(s) b. If Simon makes...

  • When you start your first job after graduating from Ohio State on January 1st, 2023, you...

    When you start your first job after graduating from Ohio State on January 1st, 2023, you saved a portion of your salary in your company's 401k savings plan. Your salary is $60,000 annually, of which you put 10% in the savings plan at the end of each year. (In reality, a portion is saved from each paycheck, but we will use annual deposits for simplicity.) Assume the savings plan earns 4% interest annually. Now it is four years later, January...

  • Solve the problem. 20) You have a $4286 credit card debt, and you plan to pay it off through monthly payments of S80. If you are being charged 13% interest per 20 year, how long (to the nearest t...

    Solve the problem. 20) You have a $4286 credit card debt, and you plan to pay it off through monthly payments of S80. If you are being charged 13% interest per 20 year, how long (to the nearest tenth of a year) will i take you to repay your debt? Find the present value of the ordinary annuity. 21)Payments of $3300 made annually for 2) 25 years at 7% compounded annually Find the future value of the annuity due. 22)_...

  • The heat loss through the exterior walls of a certain poultry processing plant is estimated to...

    The heat loss through the exterior walls of a certain poultry processing plant is estimated to cost the owner $3,500 next year. A salesman from Superfiber Insulation, Inc., has told you, the plant engineer, that he can reduce the heat loss by 75% with the installation of $18,000 worth of Superfiber now. If the cost of heat loss rises by $190 per year ( gradent) after the next year and the owner plans to keep the present building for 14...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT