Use TVM keys, N, I/Y, PV, PMT, FV Bobby Nelson is hoping to buy a sports car in 6 years. He has set up a sinking fund earning 3%, compounded quarterly. If the car he wants will cost 59,200, what amount should his quarterly deposit be in order for him to have enough to buy the car in 6 years? Assume deposits are made at the beginning of each quarter. (Use BGN mode.)

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.

Suppose you have estimated that you will need $2,500 per month in your retirement to meet your expenses and live comfortably, and that you have found or chosen a fund (account) which pays monthly interest 4% APR . What principal, or balance, will your account need to maintain in order to be able to pay you this amount each month? Round/take your answer to the nearest cent.

You are saving for a new house. You place $55,000 into an investment account each year for five years. How much will you have after five years if the account earns (a) 3%, (b) 5%, or (c) 7% compounded annually? Note: Use tables, Excel, or a financial calculator. Round your answers to 2 decimal places. (FV of $1, PV of $1, FVA of $1, and PVA of $1) a. b. C. Annuity Payment $ 55,000 55,000 55,000 > Answer is complete but not entirely correct. Annual Rate 3% 5% 7% Interest Compounded Annually Annually Annually Period Invested 5 years 5 years 5 years Future Value of Annuity $ 63,760.07 X 70,195.49 X 77,140.35 x

You take out a 5-year amortized loan to buy a new car. After making monthly payments of $246.50 for 3 years, you still owe $5,424 If you decided to pay the loan off, how much will you save in interest? A total of Swould be saved in interest. (Round to the nearest cent as needed)

Quantitative Problem: You need $14,000 to purchase a used car. Your wealthy uncle is willing to lend you the money as an amortized loan. He would like you to make annual payments for 4 years, with the first payment to be made one year from today. He requires a 9% annual return. a. What will be your annual loan payments? Do not round intermediate calculations. Round your answer to the nearest cent. b. How much of your first payment will be applied to interest and to principal repayment? Do not round intermediate calculations. Round your answers to the nearest cent. Interest: $ Principal repayment: $

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