You want to purchase a new car in 3 years and expect the car to cost $15,000. Your bank offers a plan with a guaranteed APR of 5.5% if you make regular monthly deposits. How much should you deposit each month to end up with $15,000 in 3 years?
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You want to purchase a new car in 3 years and expect the car to cost $15,000. Your bank offers a plan with a guaranteed APR of 5.5% if you make regular monthly deposits. How much should you deposit each month to end up with $15,000 in 3 years?
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- Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate $4,200 over the next 6 years when the interest rate is 8%, how much do you need to deposit in the account? B. If you place $8,700 in a savings account, how much will you have at the end of 12 years with an interest rate of 8%? C. You invest $2,000 per year, at the end of the year, for 20 years at 10% interest. How much will you have at the end of 20 years? D. You win the lottery and can either receive $500,000 as a lump sum or $60,000 per year for 20 years. Assuming you can earn 3% interest, which do you recommend and why?Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate $2,500 over the next 4 years when the interest rate is 15%, how much do you need to deposit in the account? B. If you place $6,200 in a savings account, how much will you have at the end of 7 years with a 12% interest rate? C. You invest $8,000 per year for 10 years at 12% interest, how much will you have at the end of 10 years? D. You win the lottery and can either receive $750,000 as a lump sum or $50,000 per year for 20 years. Assuming you can earn 8% interest, which do you recommend and why?You want to buy a new sports car 3 years from now, and you plan to save $6,700 per year, beginning one year from today. You will deposit your savings in an account that pays 5.2% interest. How much will you have just after you make the 3rd deposit, 3 years from now?
- You want to purchase a new car in 8 years and expect the car to cost $31,000. Your bank offers a plan with a guaranteed APR of 4.5% if you make regular monthly deposits. How much should you deposit to end up with $31,000 in 8 years?Assume that you plan to buy a condo 5 years from now and you need to save for a down payment. You plan to save 2, 500 per year (with the first deposit made immediately), and you will deposit the funds in a bank account that pays 4% interest. How much will you have after 5 years? How much will you have if you make the deposits at the end of each year?You plan to buy a house in three years and would like to put $100,000 down at the time of buying. You would like to save the money today so that you will have $100,000 in three years. Your savings account offers 6% APR, compounded monthly. How much money do you need to deposit in your savings account now in order to have $100,000 in three years, without making any other deposits? if you decide to make monthly deposits in the savings account at the end of each month for the next three years; instead of making one single deposit now, what will your monthly deposits be in order for you to have $100,000 at the end of three years? Now, assume you currently have $80,000. Will you have enough money in three years if you invest all the money in this account, now, as a single deposit? If not, what should the APR of this savings account be for you to achieve $100,000 in three years, still assuming monthly compounding? ***PLEASE TYPE OUT ANSWER, DO NOT HAND WRITE IT.
- You want to buy a car. The loan amount will be $28,000.00. A bank is offering a 5% interest rate for 36 months (3 years). What will your monthly payments be? My monthly payment will be $_______You want to buy a new car. You can afford payments of $250 per month and can borrow the money at an interest rate of 3.8% compounded monthly for 3 years. How much are you able to borrow? Hint: click here If you take the loan, How much interest will you pay total?You are hoping to buy a new boat 3 years from now, and you plan to save $4,200 per year, beginning one year from today. You will deposit your savings in an account that pays 5.2% interest. How much will you have just after you make the 3rd deposit, 3 years from now?
- You find a house that you would really like to purchase that is listed for $337000. The bank offers you a loan at 5% APR for 30 years. Calculate your monthly payment. Round your answer to the nearest cent.You want to purchase a new car in 4 years and expect the car to cost $55,000. Your bank offers a plan with a quaranteed APR of 6.5% if you make regular monthly deposits. How much should you deposit each month to end up with $55,000 in 4 years? You should invest $ each month. (Round the final answer to the nearest cent as needed. Round all intermediate values to seven decimal places as needed.)Assume that you plan to buy a condo 5 years from now, and you need to save for adown payment. You plan to save $2,500 per year (with the first deposit made immediately),and you will deposit the funds in a bank account that pays 4% interest. Howmuch will you have after 5 years? How much will you have if you make the depositsat the end of each year? ($14,082.44, $13,540.81)