2 You decide to get ahead and start saving for your first condo after college. You estimate your dream condo is going to be $250,000 in 5 years once you graduate and get your job. You decide to put in annual payments on January 1st of every year into an investment account that pays 7.5% interest. How much will your annual payments need to be so you can pay for your condo in cash? (Round to the nearest dollar) $40.038 $39.59096 $43041 $42,904

You are saving for a fabulous vacation to your favorite tropical destination. You intend to travel in 4 years. You think you can earn 5.3% on your investment. How much do you need to deposit today to have $5,500 to bring you and a guest on vacation in four years? -$19,367.58 O-$4,473.52 O-$6,762.02 -$5,050.30

2

Nikul

Suppose you want to buy a $141,000 home. You found a bank that offers a 30-year loan at 3.7% APR. What will be your monthly payment? (Round to the nearest cent.) 2$ How much would you end up paying the bank for the home after 30 years? (Round to the nearest cent.) 2$ Suppose you wanted to reduce the time of your loan to 25 years. What would be your new monthly payment? (Round to the nearest cent.) $4 How much would you end up paying the bank for the home after 25 years? (Round to the nearest cent.) $ How much did you save by reducing the time of your mortgage loan? (Round to the nearest cent.)

Raghubhai

Find the payment Thomas has started working, and he is wondering how much he needs to put aside every month to purchase a TV IN 2 YEARS. Thomas needs exactly $3,275 to purchase a new TV. The money he puts aside he will earn interest every month. The interest is compounded monthly.\ The annual interest is 6% $0 24 Principal Present Value: Value of the money she invested today Payment: how much will paid per month Interest Rate Periods Number Annual Rate of times ? interest is calculated 3,275.00 Value of Investment 3,275.00 Future Value

You want to buy a new ski boat 2 years from now, and you plan to save $7,300 per year, beginning one year from today. You will deposit your savings in an account that pays 5.2% interest. How much will you have just after you make the 2nd deposit, 2 years from now? a. $14,979.60 b. $23, 058.54 c. $8,122.81 d. $15,758.54 e. $15,359.20

You have researched your dream around-the-world vacation and determined that the total cost of the vacation will be $21,000. You feel you can earn an APR of 9.6 percent compounded monthly and plan to save $215 per month until you reach your goal. How many years will it be until you reach your goal and enjoy your well-deserved vacation? Multiple Choice 6.04 years 8.14 years 6.90 years 6.30 years 5.57 years

You expect to save $450 at the end of each month for the next four years towards a car. Your parents will give you $3,000 today for you to save towards the car. How much will you have in four years, if you can earn 6.25% per year on your savings towards the car? $20,618 $28,317 $5,799 $26,455