What is the interest rate of a 6-year, annual $5,000 annuity with present value of $20,000?
Answer to relevant QuestionsWhat annual interest rate would you need to earn if you wanted a $1,000 per month contribution to grow to $75,000 in six years? Phoebe realizes that she has charged too much on her credit card and has racked up $6,000 in debt. If she can pay $200 each month and the card charges 18 percent APR (compounded monthly), how long will it take her to pay ...Create the amortization schedule for a loan of $15,000, paid monthly over three years using a 9 percent APR. Consider a person who begins contributing to a retirement plan at age 25 and contributes for 40 years until retirement at age 65. For the first ten years, she contributes $3,000 per year. She increases the contribution ...Payday loans are very short-term loans that charge very high interest rates. You can borrow $500 today and repay $590 in two weeks. What is the compounded annual rate implied by this 18 percent rate charged for only two ...
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