Question description
These are the questions I need answered. Thank you. 1. In order to accumulate enough money for a down payment on a
house, a couple deposits $388 per month into an account paying 6% compounded
monthly. If Payments are made at the end of each period, how much money will be
in the account in 5 years? – – – – – Round
to the nearest dollar.
2. Acme Annuities recently offered an annuity that pays 5.1%
compounded monthly. What equal monthly deposit should be made into this annuity
in order to have $60,000 in 17 years? – – – – Round to the nearest cent
3. A company estimates that it will need $142,000 in 17 years
to replace a computer. If it establishes a sinking fund by making fixed monthly
payments into an account paying 4.5% compounded monthly, how much should each
payment be? – – – – Round to the nearest
cent
4. Find i (the rate per period) and n (the number of periods)
for the following loan at the given annual rate.
Monthly payments of $277.00 are made for 10 years to repay a
loan at 6.25% compounded monthly. – – – – – type
and integer or decimal rounded to four decimal places as needed
5. Find i (the rate per period) and n (the number of periods)
for the following loan at the given annual rate.
Annual payments of $3,400 are made for 10 years to repay a
loan at 8.95% compounded annually. – – –
– type integer as a decimal
6. Find i (the rate per period) and n (the number of periods)
for the following loan at the given annual rate.
Quartarly payments of $725 are made for 13 years to repay a
loan at 11.6% compounded quarterly. – – – – type
integer as a decimal
7. Find i (the rate per period) and n (the number of periods)
for the following loan at the given annual rate.
Semiannual payments of $4,500 are made for 17 years to repay
a loan at 7.35% compounded semiannually. – – – – -type an integer or a decimal rounded to four decimal places as needed
8. Solve the following problem.
N=31; i=0.025; PMT=$243; PV=?
PV=$ (round to two decimal places)
9. Solve the following problem.
PV=$147,154; n=113; i=0.012; PMT=?;
PMT=$ (round to two decimal places)
10. Use the formula for the present value of an ordinary annuity
or the amortization formula to solve the following problem.
PV=$9,000; i=0.005; PMT=$650; n=?
N= (round
up to the nearest integer)
