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1. If $10,000 is deposited into an account earning 10% interest annually, how much will be accumulated at the end of 10 years? earning 100/ interes

1. If $10,000 is deposited into an account earning 10% interest annually, how much will be accumulated at the end of 10 years? earning 100/ interes

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter4: Managing Your Cash And Savings
Section: Chapter Questions
Problem 7FPE: Calculating interest earned and future value of savings account. If you put 6,000 in a savings...
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Can you answer each question and completely work them out please! I have attached the equations that are to be used also

If $10,000 is deposited into an account earning 10% interest annually, how much will be accumulated at the end of 10 years? 2. How much should be invested into an account today, earning 10% interest annually, so that the account has $30,000 in ten years? 3. A car is purchased for $30,000 today. What are the monthly payments for the car if the annual interest rate is 6% and the car is to be paid in 5 years? 1. 4. What is the present worth of $300 monthly payments, for annual interest rate of 6% over ten years? 5. What is the future worth of $300 monthly payments, for annual interest rate of 6% over ten years? 6. If you wish to accumulate $100,000 in 30 years in a fund earing 6% interest, how much should be the monthly payments? 7. If you purchase a car for $30,000 for 5 years and your monthly payments are $600, what is the annual interest rate you are being charged? 8. If you purchase a car for $30,000 and your monthly payments are $400, and the interest rate is 6%, how many months does it take to pay off the car? 9. You have a student loan of $35,000. The bank charges 6% interest annually. You decide to pay the loan by making monthly payments of $250. How long does it take to pay off the loan? 10. For problem 9, you decide pay $5,000 now and the remaining $30,000 at $250 per month. How long does it take to pay off the loan? 11. For problem 9, you decide pay $5,000 now and the remaining $30,000 at $300 per month. How long does it take to pay off the loan?
Transcribed Image Text:If $10,000 is deposited into an account earning 10% interest annually, how much will be accumulated at the end of 10 years? 2. How much should be invested into an account today, earning 10% interest annually, so that the account has $30,000 in ten years? 3. A car is purchased for $30,000 today. What are the monthly payments for the car if the annual interest rate is 6% and the car is to be paid in 5 years? 1. 4. What is the present worth of $300 monthly payments, for annual interest rate of 6% over ten years? 5. What is the future worth of $300 monthly payments, for annual interest rate of 6% over ten years? 6. If you wish to accumulate $100,000 in 30 years in a fund earing 6% interest, how much should be the monthly payments? 7. If you purchase a car for $30,000 for 5 years and your monthly payments are $600, what is the annual interest rate you are being charged? 8. If you purchase a car for $30,000 and your monthly payments are $400, and the interest rate is 6%, how many months does it take to pay off the car? 9. You have a student loan of $35,000. The bank charges 6% interest annually. You decide to pay the loan by making monthly payments of $250. How long does it take to pay off the loan? 10. For problem 9, you decide pay $5,000 now and the remaining $30,000 at $250 per month. How long does it take to pay off the loan? 11. For problem 9, you decide pay $5,000 now and the remaining $30,000 at $300 per month. How long does it take to pay off the loan?
page 27 Compound interest Factors To Find Given Mu Hiply Gven by: in (1+i)" 1 ((+c) - 4 P. cllti)" (I+i)"- . A A. A. A.
Transcribed Image Text:page 27 Compound interest Factors To Find Given Mu Hiply Gven by: in (1+i)" 1 ((+c) - 4 P. cllti)" (I+i)"- . A A. A. A.
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