1.-What is the size of 60 monthly payments and 5 annuities that result from the purchase of land with a value of $ 500,000, if the interest rate is 18% per year, and the payment conditions are 10% down payment and the rest is distributed equally in monthly payments and annuities? 2.-A person deposits an annual amount in a savings account that decreases at a constant rate of $ 500 per year. The size of the first deposit made is $ 10,000 and the last one is $ 5,500. If 15% per year is earned in the savings account, how large must a constant annual deposit be for the same time, so that the accumulated amount is the same?
1.-What is the size of 60 monthly payments and 5 annuities that result from the purchase of land with a value of $ 500,000, if the interest rate is 18% per year, and the payment conditions are 10% down payment and the rest is distributed equally in monthly payments and annuities? 2.-A person deposits an annual amount in a savings account that decreases at a constant rate of $ 500 per year. The size of the first deposit made is $ 10,000 and the last one is $ 5,500. If 15% per year is earned in the savings account, how large must a constant annual deposit be for the same time, so that the accumulated amount is the same?
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter4: Managing Your Cash And Savings
Section: Chapter Questions
Problem 7FPE: Calculating interest earned and future value of savings account. If you put 6,000 in a savings...
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1.-What is the size of 60 monthly payments and 5
2.-A person deposits an annual amount in a savings account that decreases at a constant rate of $ 500 per year. The size of the first deposit made is $ 10,000 and the last one is $ 5,500. If 15% per year is earned in the savings account, how large must a constant annual deposit be for the same time, so that the accumulated amount is the same?
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