how much will you have 4 years from today?
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You want to quit your job and go back to school for a law degree 4 years from now, and you plan to save P50,000 per year, beginning immediately. You will make 4 deposits in an account that pays 5.7% interest. Under these assumptions, how much will you have 4 years from today?
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- If you are planning to apply for a personal loan and borrow PhP 50,000 and repay the principal and Interest for an agreed length of time of 6 years that is compounded monthly. Calculate the following manually. a. How much Interest would you pay for 6 years for each bank offer? b. How much monthly payment is needed for each bank offer? c. Which is the best option for you among the given choices below if you are to pay monthly for 6 years? Justify your answer and apply what you have learned on simple and compound interest. Bank (Personal Loan) Monthly Interest Rate A B с D E 1.3% 1.89% 1.22% 1.5% 1.25%If you want to have $60,000 in 8 years, how much do you need to deposit in the bank today if the account pays an interest rate of 9%?Starting next year, you will need $5,000 annually for 4 years to complete your education. (One year from today you will withdraw the first $5,000.) Your uncle deposits an amount today in a bank paying 7% annual interest, which will provide the needed $5,000 payments. How large must the deposit be? Do not round intermediate calculations. Round your answer to the nearest cent. $ b. How much will be in the account immediately after you make the first withdrawal? Do not round intermediate calculations. Round your answer to the nearest cent.
- Graduation is 4 years away and you want to have $900 available for a trip. If your bank is offering a 4-year CD (certificate of deposit) paying 3.4% simple interest, how much do you need to put in this CD to have the money for your trip?After graduation, you just got hired by an engineering company and you were planning to take aloan in order to purchase a new car. Let’s assume that the bank is willing to offer you a personalloan with an annual interest rate of 6% compounded yearly. The car price is 26,500 JD and youare capable to pay 4,200 JD per year. After how many years you will be able to pay back the loanwith the accumulated interest (use a spreadsheet to answer this question) and draw the cash flowdiagram.Your new Job offers a savings plan that pays 1.00 percent in interest each month. You can't participate in the plan, however, until you have 5 years with the company. At that time you will start saving $850 a month for the next 20 years. How much will you have in this savings account in 25 years? Round your answer to two decimals. $1 Another perk of your new job is that, after 5 years with the company, you will also get an increase of $50 in your monthly salary. Assume you would stay with the company for 20 more years after getting the salary increase, and that you discount at 1.00 percent each month. What is this salary increase worth to you today? Round your answer to two decimals.
- Your new job offers a savings plan that pays 0.75 percent in interest each month. You can't participate in the plan, however, until you have 5 years with the company. At that time you will start saving $100 a month for the next 28 years. How much will you have in this savings account in 33 years? Round your answer to two decimals. $ Another perk of your new job is that, after 5 years with the company, you will also get an increase of $125 in your monthly salary. Assume you would stay with the company for 28 more years after getting the salary increase, and that you discount at 0.75 percent each month. What is this salary increase worth to you today? Round your answer to two decimals.You want to purchase a car 4 years from now, and you plan to save $4,500 per year, beginning immediately. You will make 4 deposits in an account that pays 6.3% interest. Under these assumptions, how much will you have 4 years from today? (please round your answer to two decimal points)You wish to purchase some equipment for a new business venture. You plan to save $35,000 per year. You will make 5 deposits in an account that pays 8.25%. Required: Determine how much you will have 5 years from today? Please show all working.
- You plan to save Php3,500 per year, beginning immediately. You will make 4 deposits in an account that pays 5.7% interest. Under these assumptions, how much will you have 4 years from today?You are buying your first car and need to borrow P1,600,000 over 5 years. If interest is 6%, what are your monthly payments?
