Steve promises to pay Amanda $2,000 in four years and another $3,000 four years later  for a  loan of $2,000 from Sandy today.  What is the interest rate that Sandy is getting? Assume interest is compounded monthly.

An engineer invests $5,800 at the end of every year for a 35-year career. If the engineer wants $1 million in savings at retirement, what interest rate must the investment earn?

Kelsey purchases a retirement annuity that will pay her $1,500 at the end of every six months for the first ten years and $700 at the end of every month for the next six years. The annuity earns interest at a rate of 3.6 % compounded quarterly. Question 5 of 6 a. What was the purchase price of the annuity? Round to the nearest cent b. How much interest did Kelsey receive from the annuity? Round to the nearest cent

6. An individual makes six annual deposits of $2,000 in a savings account that pays interest at a rate of 4% compounded annually. Two years after making the last deposit, the interest rate changes to 7% compounded annually. Ten years after the last deposit the accumulated money is withdrawn from the account. How much is withdrawn?

What is Compound interest?

James has been working as a Mechanical Engineer ever since he graduated five years ago. Two years ago, he bought and financed a new $25,000 Jeep Compass and still owes $15,750 on his car loan. He has never been late with a car payment. James has one major credit card, with a $1,000 limit. He has had it since his senior year of college and was two months late with a payment one time during that first year. He is currently carrying a balance of $600 on this card. In the last year, James applied for six store credit cards at places that he shops a lot so that he can earn points and get discounts. He carries no balances Part 1: Calculate James’ credit score. Recalculate his credit score if he had not opened the six store credit cards.   Part 2: James is tired of paying rent and would like to purchase a condo so that he can start building equity in his home. He is looking for a 30-year mortgage to purchase a $240,000 condo. What interest rate does James qualify for on a mortgage with his…

MULTIPLE-CHOICE QUESTION How does compounding interest help you grow wealth over time? because your contributions to investment accounts grow steadily O because interest rates always increase over time O because interest payments are continually added to the principal

Which is the most desirable form of a lump-sum settlement?

If you want to withdraw $10,000 at the the end of two years and $35,000 at the end of four years, how much should you deposit into an account that pays 9% interest compounded annually?

Tyrone wants to spend $15,000 on a new car three years from now. He opens a savings account and deposits $3,000 today. One year from now, he plans to deposit $3,000 in the account, and one year after that, he plans to deposit another $3,000. If the account earns 5% interest per year, how much additional money will Tyrone need three years from now to meet his $15,000 goal? [Enter your answer with no dollar sign or comma.].