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Section 1

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14000 is invested for 8 years with an APR of 5% and quarterly compounding. Find the balance after 8 years.

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Math

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Date created

Mar 1, 2020

Cards (39)

Section 1

(39 cards)

14000 is invested for 8 years with an APR of 5% and quarterly compounding. Find the balance after 8 years.

Front

20833.83

Back

Define net income as they apply to annual budgets

Front

the net income for a year is equal to the receipts minus the outlays

Back

Simple Interest formula

Front

I=prt

Back

someone is 23 years old, deposis 4000 each year to a traditional IRA for 47 years at 8% interest compounded annually and retires at 70. How much will he have then?

Front

1811600.61

Back

Adjusted gross income and formula

Front

certain adjustments to income that decrease gross income like money paid into retirement plans gross income-adjustments to income (deductions plus exemptions)

Back

n value for weekly:

Front

52

Back

You invest 1000 in an account that pays simple interest of 6% over 10 years. Find how much you have after 10 years.

Front

1600

Back

Home mortgage of 150000 at fixed APR of 9% for 20 years. Find Monthly Payment, then determine total amount paid over time of loan, then answer: of the total payment over the term of the loan, _% is paid toward the principal and _% is paid towards the interest

Front

1349.59 323901.60 46.3% 53.7%

Back

If net income is negative then___

Front

the budget has a deficit

Back

what's n?

Front

# of times per year interest is compounded

Back

2 years after paying 3100 for shares in a startup company you sell the shares for 1900. The total return is: The annual return is:

Front

-38.7% -21.9

Back

what is a budget?

Front

keeps track of how much money you have coming in and how much you have going out and helps to determine what adjustments need to be made

Back

what's t?

Front

time

Back

n value for quarterly :

Front

4

Back

what's r?

Front

interest rate

Back

If net income is positive then___

Front

the budget has a surplus

Back

describe the 4 step process of finding your monthly budget

Front

1st: list all monthly income, 2nd: list all monthly expenses, 3rd:subtract total expenses from total income to determine your net monthly cash flow, 4th: made adjustments as needed

Back

5y+1=4y-7

Front

-8

Back

what's p equal?

Front

principal

Back

n value for monthly:

Front

12

Back

8^-2

Front

1/64

Back

gross income

Front

the total income for the year including wages, tips, interest, and other income.

Back

formula that converrts annual interest rate tto APY

Front

(1+r)^n-1

Back

1. 15 year fixed rate at 6.25% with closing costs of 2100 and 1 point. Find monthly payment. 2. 15 year fixed rate at 4.5% with closing costs of 2100 and 2 points. 3. what's the total closing costs for #1? 4. what's the total closing costs for #2?

Front

1071.78 956.24 3350 4600

Back

Compound Interest

Front

earned when the interest due is added to the account balance

Back

The Compound Interest Equation, when interest is only compounded once per year:

Front

P = C (1 + r) ^t

Back

Continuous Compound Interest Formula

Front

P = C e^ rt

Back

Define receipts as they apply to annual budgets

Front

they represent money that has been collected

Back

man earned wages of 41000, received 2600 in interest from a savings account and contributed 2500 to a tax-deferred retirement plan. He was entitled to a personal exemption of 2900 and had deductions of 5350. Find gross income, adjusted gross income, and tax income

Front

43600 41100 32850

Back

Does "I bought a fund advertised on the web that says it uses a secret investment strategy to get an annual return twice that of stocks with no risk at all" make sense?

Front

no:investing in stocks is high-risk returns,thus getting higher returns than stocks with this strategy must mean the fund advertised is high risk, not no risk

Back

APY

Front

interest earned in one year over principal

Back

APR

Front

yearly interest rate including interest and fees. used to find payments for loans

Back

Bank A was offering simple interest at 2.75% per year which was clearly a better deal than the 2.75% compound interest rate at Bank B. Makes sense or no?

Front

No:compound interest pays more than simple interest

Back

Define outlays as they apply to annual budgets

Front

represent money that has been spent

Back

n value for yearly:

Front

1

Back

What does simple interest mean

Front

interest that is paid on a fixed amount of money

Back

Suppose you pay only the interest on a loan. Will the loan be paid off? Why/Why not?

Front

No. Because the principal never decreases

Back

you maintain an average balance of 850 on your credit card which carries an 18% annual interest rate. Find the monthly interest payment

Front

12.75

Back

n value for daily:

Front

365

Back

Math

Preview this deck

14000 is invested for 8 years with an APR of 5% and quarterly compounding. Find the balance after 8 years.

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Cards (39)

14000 is invested for 8 years with an APR of 5% and quarterly compounding. Find the balance after 8 years.

20833.83

Define net income as they apply to annual budgets

the net income for a year is equal to the receipts minus the outlays

Simple Interest formula

I=prt

someone is 23 years old, deposis 4000 each year to a traditional IRA for 47 years at 8% interest compounded annually and retires at 70. How much will he have then?

1811600.61

Adjusted gross income and formula

certain adjustments to income that decrease gross income like money paid into retirement plans gross income-adjustments to income (deductions plus exemptions)

n value for weekly:

52

You invest 1000 in an account that pays simple interest of 6% over 10 years. Find how much you have after 10 years.

1600

Home mortgage of 150000 at fixed APR of 9% for 20 years. Find Monthly Payment, then determine total amount paid over time of loan, then answer: of the total payment over the term of the loan, ___% is paid toward the principal and ___% is paid towards the interest

1349.59 323901.60 46.3% 53.7%

If net income is negative then___

the budget has a deficit

what's n?

# of times per year interest is compounded

2 years after paying 3100 for shares in a startup company you sell the shares for 1900. The total return is: The annual return is:

-38.7% -21.9

what is a budget?

keeps track of how much money you have coming in and how much you have going out and helps to determine what adjustments need to be made

what's t?

time

n value for quarterly :

4

what's r?

interest rate

If net income is positive then___

the budget has a surplus

describe the 4 step process of finding your monthly budget

1st: list all monthly income, 2nd: list all monthly expenses, 3rd:subtract total expenses from total income to determine your net monthly cash flow, 4th: made adjustments as needed

5y+1=4y-7

-8

what's p equal?

principal

n value for monthly:

12

8^-2

1/64

gross income

the total income for the year including wages, tips, interest, and other income.

formula that converrts annual interest rate tto APY

(1+r)^n-1

1. 15 year fixed rate at 6.25% with closing costs of 2100 and 1 point. Find monthly payment. 2. 15 year fixed rate at 4.5% with closing costs of 2100 and 2 points. 3. what's the total closing costs for #1? 4. what's the total closing costs for #2?

1071.78 956.24 3350 4600

Compound Interest

earned when the interest due is added to the account balance

The Compound Interest Equation, when interest is only compounded once per year:

P = C (1 + r) ^t

Continuous Compound Interest Formula

P = C e^ rt

Define receipts as they apply to annual budgets

they represent money that has been collected

man earned wages of 41000, received 2600 in interest from a savings account and contributed 2500 to a tax-deferred retirement plan. He was entitled to a personal exemption of 2900 and had deductions of 5350. Find gross income, adjusted gross income, and tax income

43600 41100 32850

Does "I bought a fund advertised on the web that says it uses a secret investment strategy to get an annual return twice that of stocks with no risk at all" make sense?

no:investing in stocks is high-risk returns,thus getting higher returns than stocks with this strategy must mean the fund advertised is high risk, not no risk

APY

interest earned in one year over principal

APR

yearly interest rate including interest and fees. used to find payments for loans

Bank A was offering simple interest at 2.75% per year which was clearly a better deal than the 2.75% compound interest rate at Bank B. Makes sense or no?

No:compound interest pays more than simple interest

Define outlays as they apply to annual budgets

represent money that has been spent

n value for yearly:

1

What does simple interest mean

interest that is paid on a fixed amount of money

Suppose you pay only the interest on a loan. Will the loan be paid off? Why/Why not?

No. Because the principal never decreases

you maintain an average balance of 850 on your credit card which carries an 18% annual interest rate. Find the monthly interest payment

Home mortgage of 150000 at fixed APR of 9% for 20 years. Find Monthly Payment, then determine total amount paid over time of loan, then answer: of the total payment over the term of the loan, _% is paid toward the principal and _% is paid towards the interest