Willie Wilson plans to borrow $21, 185 at the beginning of each of his 4 years of college. He will repay the loan in 16 equal annual installments at the end of each year starting one year after he graduates. If the interest rate is 8.08 %, how large will the installments be? Interest will accrue on Willie's loan while he is in college.
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- Alex estimates that he will have $47,500 in student loans by the time he graduates. The interest rate is 7.2 percent, compounded monthly. If he wants to have this debt paid in full within 5 years following graduation, how much must he pay each month?Theodora received an 8-year PLUS Loan of $15,000 to attend law school for her last 2 years. If the current interest rate is 8.38% and she starts her repayments 1 year after graduation, what are her monthly payments? Round to the nearest cent.Jim wants to deposit an amount anually to meet his retirement needs. Assume that he will deposit a fixed annual amount for the next 20 years into a retirement savings account, starting one year from now. Mark has a son who will be attending college and plans to make 5 withdrawals (starting one year after making his final deposit into the retirement account) of $35,000 each to pay for his annual tuition for the following 5 years. Commercial Banks will be paying 6 percent on such retirement accounts for the next 25 years. How much should Mark place in the account annually to cover his retirement needs.
- Cena deposits a certain amount of money into his family’s savings account at the beginning of each quarter for the next 4 years. He wishes to have $100,000.00 after 4 years. The interest rate is 8% compounded quarterly. How much does he need to deposit at the beginning of each quarter? Create an amortization table.Troy is saving for his retirement 24 years from now by setting up a savings plan. He has set up a savings plan wherein he will deposit $115.00 at the end of every three months for the next 11 years. Interest is 9% compounded quarterly. (a) How much money will be in his account on the date of his retirement? (b) How much will Troy contribute? (c) How much will be interest? (a) The future value will be $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)Manuel plans to set aside money for his young daughter’s college tuition. He will deposit money in an ordinary annuity that earns 5.4% interest, compounded monthly. Deposits will be made at the end of each month. How much money does he need to deposit into the annuity each month for the annuity to have a total value of $72,000 after 16 years?
- At the beginning of Gabe’s freshman year. His favorite uncle deposit P10,000 into a four- year bank certificate of deposit that pays 5% annual interest. He will receive the money in the account (including the accumulated interest) if he graduates with honors in four years. How much will there be in the account after four years?Your brother will begin his education this year. The university tuition is TL37420 per year and paid at the beginning of each of the following 4 years. If you can earn 16.3 percent interest per year on your funds, how much will you need to invest today in order to pay his university education? 101548.97 100400.98 135148.89 142424.02 121049.65Justin is saving for his retirement 21 years from now by setting up a savings plan. He has set up a savings plan wherein he will deposit $104.00 at the end of every six months for the next 11 years. Interest is 7% compounded semi-annually. (a) How much money will be in his account on the date of his retirement? (b) How much will Justin contribute? (c) How much will be interest?
- Rhett is about to begin college (4-year) and has received a 10-year $7,500 Federal Direct Unsubsidized Loan with an interest rate of 6.4%. He will be required to begin making payments six months after graduation. If Rhett decides to capitalize the interest (which totals $2,160) from the time he receives the funds until he begins making payments in 4.5 years, how much total interest would he pay on this loan?Theodora received an 8-year PLUS Loan of $17,000 to attend law school for her last 2 years. If the current interest rate is 5.32% and she starts her repayments 1 year after graduation, what are her monthly payments? (See Example 5 in this section. Assume the loan has a deferred payment plan. Round your answer to the nearest cent.)Manuel plans to set aside money for his young daughter’s college tuition. He will deposit money in an ordinary annuity that earns 5.4% interest, compounded quarterly. Deposits will be made at the end of each quarter. How much money does he need to deposit into the annuity each quarter for the annuity to have a total value of $72,000 after 16 years?