You're prepared to make monthly payments of $380, beginning at the end of this month, into...

You're prepared to make monthly payments of $380, beginning at the end of this month, into an account that pays 8 percent interest compounded monthly.

How many payments will you have made when your account balance reaches $22,992?

Multiple Choice

56.1
45.9
51
22.93
4.4

Expert Solution

correct answer is 51 months

in the above formula 1 indicates payment at the begining of the month

jeff jeffy answered 2 years ago

You're prepared to make monthly payments of $390, beginning at the end of this month, into...

You're prepared to make monthly payments of $390, beginning at the end of this month, into an account that pays 5 percent interest compounded monthly. Required: How many payments will you have made when your account balance reaches $25,528? (Do not round your intermediate calculations.)

You're prepared to make monthly payments of $340, beginning at the end of this month, into...

You're prepared to make monthly payments of $340, beginning at the end of this month, into an account that pays 6 percent interest compounded monthly. How many payments will you have made when your account balance reaches $20,575?

You're prepared to make monthly payments of $320, beginning atthe end of this month, into...

You're prepared to make monthly payments of $320, beginning at the end of this month, into an account that pays 9 percent interest compounded monthly. How many payments will you have made when your account balance reaches $20,260?

You're prepared to make monthly payment of $240, beginning at the end of this month, into...

You're prepared to make monthly payment of $240, beginning at the end of this month, into an account that pays 10 percent interest compounded monthly. How many payments will you have made when your account balance reaches, $35,000?

You’re prepared to make monthly payments of $270, beginning at the end of this month, into...

You’re prepared to make monthly payments of $270, beginning at the end of this month, into an account that pays 6.8 percent interest compounded monthly. How many payments will you have made when your account balance reaches $18,000? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Monthly information is as follows: Beginning of month End of month

Monthly information is as follows: Beginning of month End of month Work in process Inventory: 1,000 units 4,000 units Conversion: degree of completion in WIP 60% 40% Direct Material Costs in Beginning WIP $ 8,100 ? Conversion Costs in Beginning WIP $11,300 ? During the month: Costs incurred for Direct Materials $27,975 Costs incurred for Conversion $27,235 At month end: 2,860 good units were completed, 140 units...

Monthly information is as follows: Beginning of month End of month

Monthly information is as follows: Beginning of month End of month Work in process Inventory: 1,000 units 4,000 units Conversion: degree of completion in WIP 60% 40% Direct Material Costs in Beginning WIP $ 8,100 ? Conversion Costs in Beginning WIP $11,300 ? During the month: Costs incurred for Direct Materials $27,975 Costs incurred for Conversion $27,235 At month end: 2,860 good units were...

1. Larry can make monthly payments of $ 221.00 a month to buy a truck. If...

1. Larry can make monthly payments of $ 221.00 a month to buy a truck. If the dealer offers a 4 year, 3.0% interest loan, about what is the most expensive truck can Larry buy? 2. You have $200,000 in your retirement account. You want to withdraw $13,000 a year for 30 years. How much must your retirement account earn for you to obtain your goal? 3. The discount rate is 5.46%. What is the most you would pay for...

You decided to borrow $20,000and make payments at the end of each month for 10years. The...

You decided to borrow $20,000and make payments at the end of each month for 10years. The maximum monthly payment you can afford is $1000. What is the maximum interest rate you can afford(keep two decimal places)? What is the maximum interest rate you can afford if you are making payments at the beginning of each month for 10 years (keep two decimal places)?

Amortize a 30-year, $120,000 loan with end-of-month payments. The APR is 12%. What is the monthly...

Amortize a 30-year, $120,000 loan with end-of-month payments. The APR is 12%. What is the monthly payment? What are the interest and repayment portions of the payment in month 12? What is the ending balance after one year (month 12)?

Question

You're prepared to make monthly payments of $380, beginning at the end of this month, into...

Solutions

Expert Solution

Related Solutions

You're prepared to make monthly payments of $390, beginning at the end of this month, into...

You're prepared to make monthly payments of $340, beginning at the end of this month, into...

You're prepared to make monthly payments of $320, beginning atthe end of this month, into...

You're prepared to make monthly payment of $240, beginning at the end of this month, into...

You’re prepared to make monthly payments of $270, beginning at the end of this month, into...

Monthly information is as follows: Beginning of month End of month

Monthly information is as follows: Beginning of month End of month

1. Larry can make monthly payments of $ 221.00 a month to buy a truck. If...

You decided to borrow $20,000and make payments at the end of each month for 10years. The...

Amortize a 30-year, $120,000 loan with end-of-month payments. The APR is 12%. What is the monthly...