Russ borrows $25,000 to make a down payment on a new home. The interest rate is 6% per year 2) compounded monthly. The lender has agreed to the following payment scheme. $500 per month for the first year and $1,500 per month for the second year and an additional lump sum payment at the time of the last monthly payment to pay off any remaining loan amount. Determine the amount of the lumpsum payment.

Emily wants to save part of her salary for a new car in a savings account that earns 8% annual interest. At the end of the first year, she saves $1000 and increases her savings by $500 each year until she buys the car at the end of year 6.     How much would be accumulated in her account at the end of year 6? Round to the nearest dollar.

2. For a uniform series of payments, what is the value of (P/A, 8%, 4) if it is compounded continuously. Also, determine the Compound amount factor, Sinking Fund Factor and Capital recovery factor.

Find the APY in each of the following cases:(a) 10% compounded annually.(b) 9% compounded semiannually.(c) 12% compounded quarterly.(d) 7% compounded daily.

Find the amount accumulated FV in the given annuity account. HINT [See Quick Example 1 and Example 1.] (Assume end-of-period deposits and compounding at the same intervals as deposits. Round your answer to the nearest cent.) $110 deposited monthly for 20 years at 3% per year in an account containing $12,000 at the start $ Need Help? Master It Read It

Find the uniform annual amount that is equivalent to a uniform gradient series in which the first year's payment is $500, the second year's payment is $600, the third year's payment is $700, and so on, and there are a total of 20 payments. The annual interest rate is 8%. Click the icon to view the interest and annuity table for discrete compounding when i = 8% per year. The uniform annual amount is $ (Round to the nearest cent.)

Find the amount accumulated FV in the given annuity account. HINT [See Quick Example 1 and Example 1.] (Assume end-of-period deposits and compounding at the same intervals as deposits. Round your answer to the nearest cent.) $150 is deposited monthly for 11 years at 2% per year FV = $ Need Help? Read It Submit Answer

Jack Townsend is a soda pop “addict” and wonders how much money he could accumulate if he stopped drinking soda pop and deposited the $90 per month he spends on the stuff into a savings plan.  If Jack is 20 years old, what amount should he have at retirement, 50 years from now, if he deposited $90 at the end of each month and his savings plan earned 6.75% compounded monthly?

4.39. What is the present worth of the following series of payments? (a) $5,000 at the end of each six-month period for 12 years at 9% compounded semiannually. $7,000 at the end of each quarter for 10 years at 8% compounded quarterly. (b) (c) $3,500 at the end of each month for five years at 6% compounded monthly.

Q3. A loan of $15,000 requires monthly payments of $477 over a 36-month period of time. These payments include both principal and interest. (a) What is the nominal interest rate (APR) for this loan? per year, compounded monthly (b) What is the effective interest rate per year? per year