You are saving for the down payment on a house, so you put $1,000 in an account every 6 months. If the account has an APR of 14%, compounded monthly, how much do you have at the end of 7 years? (Hint: calculate the effective semiannual interest rate first.) Typed numeric answer will be automatically saved.

Suppose you borrow $5,000 at 7.25% interest for 14 months.  What is the maturity value?

What equal amount (Q) must be deposited at the beginning of each year for the next 5 year s in a saving account with 10% interest in order to get a future sum of $1000 at the end of year 6. Please provide me a cash flow diagram and calculate.

Lia wishes to have $3000 after 3 years in an account that draws 6% nominal interest compounded monthly. How much must he deposit each month, starting in 1 month?

Q3

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

You want $12,000 in your IRA in 6 years. Assuming you get 8% compounded quarterly, how much will you need to put in each quarter?

Ken wants to remodel his basement and he wants to pay back no more than $15,000.If he gets a low interest loan at 4.5% compounded monthly and plans to repay the loanin one payment in 2 years, how much can he borrow?

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