a. Use the appropriate formula to determine the periodic deposit. b. How much of the financial goal comes from deposits and how much comes from interest? Periodic Deposit $? at the end of each year Time 15 years Financial Goal $130,000 Rate 7% compounded annually Click the icon to view some finance formulas. a. The periodic deposit is $ (Do not round until the final answer. Then round up to the nearest dollar as needed.) b. $ of the $130,000 comes from deposits and $ comes from interest. (Use the answer from part (a) to find these answers. Round to the nearest dollar as needed.)
a. Use the appropriate formula to determine the periodic deposit. b. How much of the financial goal comes from deposits and how much comes from interest? Periodic Deposit $? at the end of each year Time 15 years Financial Goal $130,000 Rate 7% compounded annually Click the icon to view some finance formulas. a. The periodic deposit is $ (Do not round until the final answer. Then round up to the nearest dollar as needed.) b. $ of the $130,000 comes from deposits and $ comes from interest. (Use the answer from part (a) to find these answers. Round to the nearest dollar as needed.)
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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Transcribed Image Text:a. Use the appropriate formula to determine the periodic deposit.
b. How much of the financial goal comes from deposits and how much comes from interest?
Periodic Deposit
$? at the end of each year
Rate
Time
15 years
Financial Goal
7% compounded annually
$130,000
i Click the icon to view some finance formulas.
a. The periodic deposit is $.
(Do not round until the final answer. Then round up to the nearest dollar as needed.)
b. $
of the $130,000 comes from deposits and $
comes from interest.
(Use the answer from part (a) to find these answers. Round to the nearest dollar as needed.)
Transcribed Image Text:P
Use PMT =
to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of $5400 and an annual interest rate of 16%. You decide to pay off the balance over two years. If there are no
nt
1 -
1 +
further purchases charged to the card,
a. How much must you pay each month?
b. How much total interest will you pay?
a. The monthly payments are approximately $
(Do not round until the final answer. Then round to the nearest dollar as needed.)
b. The total interest paid over 2 years is approximately $
(Round to the nearest dollar as needed.)
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