You are making $5.000 monthly deposits into a fund that pays inte rest at a rate of 6% compounded momhly. What would be the balance at the end of 15 years?
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You are making $5.000 monthly deposits into a fund that pays inte rest at a rate of 6% compounded momhly. What would be the balance at the end of 15 years? (Show full solution)
(a) $1,063,879
(b) $1.358.169
(c) $ 1,452,053
(d) $1.459,423
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- You plan to retire in 15 years. After retirement you will need $20,000 per yearfor 20 years. If interest remains at 8% compounded annually, how much shouldyou deposit each year until retirement? (Note that you will make a total of 15 endof-year deposits, and your first withdrawal will be made at the end of 16th year.)(a) $13,091 (b) $7,811(c) $6,993 (d) $7,232What is the future worth of the following seriesof payments?(a) $9,000 at the end of each year for 6 years at11.25% compounded annually.(b) $4,500 at the end of each year for 15 years at4.75% compounded annually.(c) $8,000 at the end of each year for 18 years at6.45% compounded annually.(d) $6,200 at the end of each year for 20 years at8.5% compounded annually.Suppose you take out a car loan of $15,000 with an interest rate of 15% compounded monthly. You will pay off the loan over 36 months with equal monthly payments.(a) What is the monthly interest rate?(b) What is the amount of the equal monthly payment?(c) What is the interest payment for the 15th payment?(d) What is the total interest paid over the life of the loan?
- 3. A loan of $2500 at simple interest of 7% annually must be repaid after 3 years. How much must be repaid? A) $2675.00 B) $3025.00 C) $3062.61 D) $8025.00A home mortgage with monthly payments for 30 years is available at 6% interest. The home you are buying costs $120,000, and you have saved $12,000 to meet the requirement for a 10% down payment. The lender charges “points” of 2% of the loan value as a loan origination and processing fee. This fee is added to the initial balance of the loan. (a) What is your monthly payment? (b) If you keep the mortgage until it is paid off in 30 years,what is your effective annual interest rate? (c) If you move to a larger house in 10 years and pay off the loan, what is your effective annual interest rate? (d) If you are transferred in 3 years and pay off the loan, what is your effective annual interest rate?4. An industrial firm can purchase a special machine for $70,000. A down payment of $5,000 is required, and the unpaid balance can be paid off in five equal year-end installments at 9% interest. As an alternative, the machine can be purchased for $66,000 in cash. If the firm's MARR is 10%, use the annual equivalent method to determine which alternative should be accepted. 6 6 Click the icon to view the interest factors for discrete compounding when i= 9% per year. 7 Click the icon to view the interest factors for discrete compounding when MARR = 10% per year. The annual equivalent worth of the first option is $ (Round to the nearest dollar.) The annual equivalent worth of the second option is $ (Round to the nearest dollar.) Select the correct choice from the drop-down menu below. (1). is a better choice. 6: More Info Single Payment Equal Payment Series Compound Present Compound Sinking Present Capital Amount Worth Amount Fund Worth Recovery Factor Factor Factor Factor Factor Factor…
- Make the following flow DIAGRAM: -50,000 - 1,000 (P/A, 6%, 2) (P / F, 6%, 1) + 5,000 (P / A, 6%, 4) (P / F, 6%, 3) -2,000 (P / F, 6%, 5)Richard Miyashiro purchased a condominium and obtained a 20- year loan of $192, 000 at an annual interest rate of 8.20%. (Round your answers to the nearest cent.)(a) What is the mortgage payment? (b) What is the total of the payments over the life of the loan? (c) Find the amount of interest paid on the mortgage loan over the 20 years.Assume that $1,000 is deposited today, two years from now, four years fromnow, six years from now, and eight years from now. At 8% interest compounded annually, determine the future value at the end of year 9. (a) $4,174(b)$7,521(c) $2,085(d) $1,895
- M purchased a small lot in a subdivision. paying P200 000 down and promising to pay P15 000 every 3 months for the next 10 years. The seller figured interest at 12% compounded quarterly. (a) What was the cash price of the lot? (b) If M missed the first 12 payments what must he pay at the time the 13th is due to bring himself up to date? (c) After making 8 payments. M wished to discharge his remaining indebtedness by a single payment at the time when the 9th regular payment was due what must he pay in addition to the regular payment then due? (d) If M missed the first 10 payments what must he pay when the 11th payment is due to discharge his entire indebtedness?ANSWER LETTER D ONLY M purchased a small lot in a subdivision, paying P200,000 down and promising to pay P15.000 every 3 months for the next 10 years. The seller figured interest at 12% compounded quarterly. (a)What was the cash price of the lot? (b) If M missed the first 12 payments , what must he pay at the time the 13th is due to bring himself up to date? (c) After making 8 payments, M wished to discharge his remaining indebtedness by a single payment at the time when the 9th regular payment was due, what must he pay in addition to the regular payment then due? (d) If M missed the first 10 payments, what must he pay when the 11th payment is due to discharge his entire indebtedness?You are making semiannual deposits into a fund that pays interest at rate of9% compounded continuously. What is the effective semiannual interest rate?(a) 4.000%(b) 4.708%(c) 4.164%(d)4.175%