Suppose you want to have $600,000 for retirement in 30 years. Your account earns 8% interest. How much would you need to deposit in the account each month? You have $5,000 on a credit card that charges a 13% interest rate. If you want to pay off the credit card in 4 years, how much will you need to pay each month (assuming you don't charge anything new to the card)?
im stuck on the annuities and loans section of math I'm currently on these questions I have a video that helps you and provides the formula but I am still getting it wrong I am not sure if its the calculations I put in the calculator or what
Suppose you want to have $600,000 for retirement in 30 years. Your account earns 8% interest. How much would you need to deposit in the account each month?
You have $5,000 on a credit card that charges a 13% interest rate. If you want to pay off the credit card in 4 years, how much will you need to pay each month (assuming you don't charge anything new to the card)?
You want to buy a $231,000 home. You plan to pay 15% as a down payment, and take out a 30 year loan for the rest.
a) How much is the loan amount going to be?
$Correct
b) What will your monthly payments be if the interest rate is 6%?
$wrong
c) What will your monthly payments be if the interest rate is 7%?
$wrong
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