Consider a person's savings account, which is initially empty. Each month, they receive a paycheck for...
Consider a person's savings account, which is initially empty. Each month, they receive a paycheck for $3100. Their expenses for rent, utilities, food, leisure activities, and all other miscellaneous purchases this month totaled to $1300. In addition, interest on credit card debt had to be paid, to the amount of $70. Finally, the savings account has an incredible interest rate of 7% per month, applied to the balance on the last day of each month. How much money did this person accumulate, in dollars, by the end of the month?
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Consider a person's savings account, which is
initially empty. Each month, they receive a paycheck for...
2.(11') Checking/savings. Suppose a person has three accounts: checking, savings and retirement. Each month, the checking...
2.(11') Checking/savings. Suppose a person has three accounts: checking, savings and retirement. Each month, the checking account is credited with a pay check. Each month the person pays rent, utilities, and other expenses from the checking account and makes a deposit into savings and into retirement (assume all these amounts are the same from month to month). The checking account has a monthly fee and earns no interest. The savings and retirement accounts earn interest. Furthermore, the person has a...
Ann deposits $1000 at the end of each month into her bank savings account. The bank...
Ann deposits $1000 at the end of each month into her bank savings account. The bank paid 6% nominal interest, compounded and paid quarterly. No interest was paid on money not in the account for the full 3-month period. How much was in Ann's account at the end of 3 years?
Consider the two savings plans below. Compare the balances in each plan after 8 years. Which...
Consider the two savings plans below. Compare the balances in each plan after 8 years. Which person deposited more money in the plan? Which of the two investment strategies is better? Yolanda deposits $300 per month in an account with an APR of 5%, while Zach deposits $3600 at the end of each year in an account with an APR of 5%. The balance in Yolanda's saving plan after 8 years was s (Round the final answer to the nearest...
Consider the two savings plans below. Compare the balances in each plan after 6 years Which...
Consider the two savings plans below. Compare the balances in each plan after 6 years Which person deposited more money in the plan? Which of the two investment strategies is better? Yolanda deposits $550 per month in an account with an APR of 3%, while Zach deposits $7000 at the end of each year in an account with an APR of 3.5% The balance in Yolanda's saving plan after 6 years was $ (Round the final answer to the nearest...
David and Kate can put aside $1,500 as savings each month. They have managed to save...
David and Kate can put aside $1,500 as savings each month. They have managed to save $ 50,000 so far during their working lives and this money is earning 3.15% annual interest, compounded monthly, in a bank fixed deposit. As self - employed they have no KiwiSaver funds. David and Kate are renting at present but wish to purchase a home. Their goal is to put down a 20% deposit on a $ 700,000 home in three years’ time. They...
What is budgeting?
What is budgeting? (A) Having money left over at the end of the month. (B) A plan made in advance regarding the expenditure of money based on available income. (C) The ability to pay your bills on time. (D) Having enough money to go out to eat.2. Which of the following is an example of a "fixed expense'? (A) Food and groceries. (B) Mortgage or rent payments. (C) Charitable contributions. (D) Gas for your car.3. What is discretionary income? (A)...
Determine whether each of the above is an Asset, Liability, Income or Expense and circle the appr...
Determine whether each of the above is an
Asset, Liability,
Income or Expense and circle the
appropriate letter to the right of each one.
Amy is single and 25 years old. She graduated two years ago and has been working full time ever since. She is having a bit of trouble getting her finances in order. She just can't seem to make ends meet and can't seem to save any money. Her employment income is $31,000 per year. She is...
John Barton is both excited and amazed. Excited because on graduating from college one year ago...
John Barton is both excited and amazed. Excited because on graduating from college one year ago at age 22, he landed a good job with a commercial leasing firm and he is enjoying the work. His company has good benefits and has just given him a raise so that in his next (2nd) year of employment he will be earning $55,000 per year. He is amazed because even with this raise he feels that money is just as scarce as...
a. Provide two examples of actions you have taken (or will take in the future) to...
a. Provide two examples of actions you have taken (or will take
in the future) to build good credit, and link each example to one
of the steps to building good credit provided in the text. -->
(If you paid your bills on time, carried only a reasonable amount
of debt, didn’t max out your credit cards, had a history of
borrowing, hadn’t applied for a bunch of new loans, and borrowed
from a mix of lenders, you’d be in...
Post the closing enteries of retaiend earnings to the T-account. Retu Tony and Suzie graduate from...
Post the closing enteries of retaiend earnings to the T-account.
Retu Tony and Suzie graduate from college in May 2021 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon developing a customer base, they'll hold their first adventure races. These races will involve four person teams that race from one checkpoint to the next using a combination of kayaking, mountain biking, orienteering, and trail running. In the...
2.(11') Checking/savings. Suppose a person has three accounts: checking, savings and retirement. Each month, the checking account is credited with a pay check. Each month the person pays rent, utilities, and other expenses from the checking account and makes a deposit into savings and into retirement (assume all these amounts are the same from month to month). The checking account has a monthly fee and earns no interest. The savings and retirement accounts earn interest. Furthermore, the person has a...
Ann deposits $1000 at the end of each month into her bank savings account. The bank paid 6% nominal interest, compounded and paid quarterly. No interest was paid on money not in the account for the full 3-month period. How much was in Ann's account at the end of 3 years?
Consider the two savings plans below. Compare the balances in each plan after 8 years. Which person deposited more money in the plan? Which of the two investment strategies is better? Yolanda deposits $300 per month in an account with an APR of 5%, while Zach deposits $3600 at the end of each year in an account with an APR of 5%. The balance in Yolanda's saving plan after 8 years was s (Round the final answer to the nearest...
Consider the two savings plans below. Compare the balances in each plan after 6 years Which person deposited more money in the plan? Which of the two investment strategies is better? Yolanda deposits $550 per month in an account with an APR of 3%, while Zach deposits $7000 at the end of each year in an account with an APR of 3.5% The balance in Yolanda's saving plan after 6 years was $ (Round the final answer to the nearest...
What is budgeting? (A) Having money left over at the end of the month. (B) A plan made in advance regarding the expenditure of money based on available income. (C) The ability to pay your bills on time. (D) Having enough money to go out to eat.2. Which of the following is an example of a "fixed expense'? (A) Food and groceries. (B) Mortgage or rent payments. (C) Charitable contributions. (D) Gas for your car.3. What is discretionary income? (A)...
Determine whether each of the above is an
Asset, Liability,
Income or Expense and circle the
appropriate letter to the right of each one.
Amy is single and 25 years old. She graduated two years ago and has been working full time ever since. She is having a bit of trouble getting her finances in order. She just can't seem to make ends meet and can't seem to save any money. Her employment income is $31,000 per year. She is...
a. Provide two examples of actions you have taken (or will take
in the future) to build good credit, and link each example to one
of the steps to building good credit provided in the text. -->
(If you paid your bills on time, carried only a reasonable amount
of debt, didn’t max out your credit cards, had a history of
borrowing, hadn’t applied for a bunch of new loans, and borrowed
from a mix of lenders, you’d be in...
Post the closing enteries of retaiend earnings to the T-account.
Retu Tony and Suzie graduate from college in May 2021 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon developing a customer base, they'll hold their first adventure races. These races will involve four person teams that race from one checkpoint to the next using a combination of kayaking, mountain biking, orienteering, and trail running. In the...
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