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- a. How much must be placed each month into a retirement account earning 3% compounded monthly if the value of the account is to reach $ 1,000,000 in 30 years? b. If the account continues to earn 3% after retirement, how much per year will the account earn?You want to borrow $41,611. You must repay the loan in 13 years in equal monthly payments and a single $3,960 payment at the end of 13 years. The interest rate is 15% nominal per year. What is the amount of each payment?Kris borrows some money in her senior year to buy a new car. The car dealership allows her to defer payments for 12 months, and Kris makes 48 end-of-month payments thereafter. If the original note (loan) is for $28,000 and interest in 6% compounded monthly on the unpaid balance, how much will Kris’ payment be? The answer is $660.87, please explain why.
- 8. What is the nominal rate of interest compounded continuously for 10 years if the compound amount factor is 1.34986?You want to take a dream vacation in 3.5 years. You plan to save up $5,000 in your vacation sinking fund. Assume an interest rate of 8% compounded annually. How much will you have to save if you make a lump sum deposit to the sinking fund (i) during the year or (ii) at the beginning of the year?A person needs $17,700 immediately as a down payment on a new home. Suppose that she can borrow this money from her company credit union. She will be required to repay the loan in equal payments made every six months over the next 10 years. The annual interest rate being charged is 10% compounded continuously. What is the amount of each payment? The amount of each payment is $ (Round to the nearest dollar.) LIIB
- You borrowed $10,000 from a local bank, with the agreement that you will pay back the loan according to a graduated payment plan. If your first payment is set at $1,500, what would the remaining payment look like at a borrowing rate of 7% over five years? (the value of G approximately is...) $10,000 0 $1.500 20 30 4GWhat is the amount of the quarterly deposits A such that you will be able to withdraw the amounts shown in the cash flow diagram if the interest rate is 12% compounded quarterly? 12% Compounded quarterly $2,800 $1,000 2 3 4 5 6 7 mim 1 A (Deposit) Quarters 1 The amount of the quarterly deposits A should be $. (Round to the nearest dollar.) QArriane borrows $10,000 at an interest rate of 8% compounded annually and wishes to repay the loan over a 4 year period with annual payments such that the second is $500 greater than the first payment, the third payment is $1,000 greater than the second payment and the fourth payment is $2,000 greater than the third payment. The amount of first payment is: A. $ 1,985.57 B. $ 1,873.67 C. $ 2,206.27 D. $ 1,753.55
- To help you reach a $16,000 goal 8 years from now, your father offers to give you $4,000 now. You plan to get a part-time job and make five additional deposits, one at the end of each year. (The first deposit is made at the end of the first year.) If all your money is deposited in a bank that pays 6% interest, how large must your annual deposit be?3) What is the future value at the end of year 20 of a series of 16 deposits? The first deposit occurs at the end of year 5 and is $800. The remaining deposits increase by $150/year (so the last deposit will be $3,050 and will occur at the end of year 20). Assume i = 9% annual rate compounded annually.You have a student loan with a 10% APR, compounded monthly, and a $27,000 balance. You plan to pay off the entire balance by making semi-annual payments for 19 years. a. What is the effective semi-annual interest rate? b. How much is each payment? a. What is the effective semi-annual interest rate? 5.11 % (Round to 2 decimal places) b. How much is each payment? $ 1623 (Round to the nearest dollar - no decimal places)