What is the settlement amount

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Reference no: EM13932775

1. What is the accumulated value after 5 years of $4,000 set aside today if the money is placed in an account which pays 7% p.a. interest compounding annually?

2. Peter made a credit card purchase of $11,000 today. His bank charges an interest rate of 12.6% p.a., with interest accruing monthly. Assume he does not make any further purchases on his credit card and no intermittent payments. How much will he have to repay after 1 year?

3. How much will Kelly have after 4 years if she saves $2,500 in a term deposit which pays 4.4% p.a. interest compounding semi-annually?

4. Your company offers debtors 60 days interest free to settle their accounts. After, interest is charged monthly on balances owing at a rate of 9% p.a. Little Co. made a purchase of $20,000 from your company. What is the settlement amount after 8 months?

Reference no: EM13932775

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