Provide an appropriate response._______ is interest paid both on the original principal and on all interest that has been added to the original principal.
A. Simple interest
B. Compound interest
C. Basic interest
D. None of the above
Answer: B
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Marcus Jones wants to invest $10,000 on January 1, 2014, so that he may withdraw 10 annual payments of equal amounts beginning January 1, 2029. If the fund earns 10% annual interest over its life, what will be the amount of each of the withdrawals?
A. $10,000 B. $14,709 C. $16,181 D. $28,402
What is the formula for the future value of an ordinary annuity ?
A. 
B. 
C. 
D. 
Assume you have a balance of $3200 on your credit card that you want to pay off. Calculate your monthly payment and total payment under the given conditions. Assume you make no additional charges to the card.The credit card APR is 18% and you want to pay off the balance in 1 year.
A. $441.55; $5298.61 B. $251.22; $3014.66 C. $293.38; $3520.51 D. $352.53; $4230.33
What are the five steps that can be applied to all of the time value of money techniques to assist in calculations?
What will be an ideal response?