Calculate the total interest earned, if you save $68 each month, Starting today, for 11 more years, if the annual interest rate is 9.6 and interest is compounded on a monthly basis?
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- Does the compounding increases the amount of interest paid over a year atthe same nominal interest rate?How long your money would double its amount if you invested at 5%compounded annually?You deposit $200 each month into an account earning 5% interest compounded monthly. a) How much will you have in the account in 15 years? $ b) How much total money will you put into the account? $ c) How much total interest will you earn? $
- You can afford a $1500 per month mortgage payment. You've found a 30 year loan at 7% interest compounded monthly.a) How big of a loan can you afford?$b) How much total money will you pay the loan company?$c) How much of that money is interest?$If you borrowed $24,000 at 12% annual interest. You agreed to repay the loan with five equal annual payments. How much of the total amount repaid is interest? How much of the third annual payment is interest, and how much principal is there? If you decided to pay off your loan after the third payment, how much will you pay?You want to save the down payment required to purchase a vacation home at the end of five years. If the required down payment is $25,000 and you can earn 5% a year on your savings account, how much do you need to set aside at the end of each year for the next four years?
- At 10% compounded annually, how long will it take for money to double itself?To have a total of $10,000 after 8 years, what principal do you have to deposit in a 4.5 percent saving account compounded monthly?Jesse wanted to double his money at 3% annual interest compounded monthly. How long will it take to double your money?
- How long will an account invested at 11.5% compounded yearly be tripled?One person bought a DVD player for $399.00. You paid a down payment of $99.00 and agreed to pay the balance plus an amount of $10.00 at the end of three months as interest. What annual simple interest rate would you be paying?a. How much will you have in an account after 25 years if you put $2000 per month in the account earns 9% compounded monthly? b. How much will you have after 25 years if you put $2000 per month in the account that instead earns 10% compounded monthly?