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What is the
Given information,
- Present value (PV): $8600
- Time period (n): 32 years
- Interest rate (r): 8.1%
- Compounding period (m): 1 (annually)
To find: future value (FV)
Step by step
Solved in 2 steps
- How much will be in a bank account at the end of five years if $2000 is invested today at 12 percent interest per annum, compounded yearly?You just obtained a loan of $15,000 with monthly payments for four years at 5.04 percent interest, compounded monthly. What is the amount of each payment?Suppose Kay inherits $250,000, which she invests today at a rate of return of 9 percent compounded annually. Who much will Kay's investment be worth in 25 years?
- How much money will be in a bank account at the end of 15 years if $100 is deposited today and the interest rate is 8 percent compounded annually?A series of equal quarterly payments of $2,000 for 10 years is equivalent to what future lump-sum amount at the end of 20 years at an interest rate of 6% compounded continuously?If you want to buy a car in two years that cost $20,000.00, how much should put away every month if you can get a six percent nominal annual interest rate-compounded monthly?
- What is the interest rate on your credit card if after 10 years you owe $40 for a pizza that had a price of $10? The interest rate is _______. A. a monthly rate of 15/12 percent B. 15 percent per year compounded monthly C. a monthly rate of 15/365 percent compounded daily D. 15 percent per year compounded annually Submitfind the present value of $175 perpetuity if the interest rate is 6 percent compounded quarterly. payments are at the beginning of the period.A bond with a face value of $4,000 pays quarterly interest of 1.5 percent each period. Thirty-four interest payments remain before the bond matures. How much would you be willing to pay for this bond today if the next interest payment is due now and you want to earn 8 percent compounded quarterly on your money? Click the icon to view the table of compound interest factors for discrete compounding periods when i=2%
- You are buying a home for $500,000. If you make a down payment of $80,000and take out a mortgage on the rest at 10% compounded monthly, what will be your monthly payment if the mortgage is to be paid off in 12 years?You are saving up for a down payment on a house. You will deposit $600 a month for the next 24 months in a money market fund. How much will you have for your down payment in 24 months if the fund earns 12% APR compounded monthly?Suppose you take out a car loan of $15,000 with an interest rate of 15% compounded monthly. You will pay off the loan over 36 months with equal monthly payments.(a) What is the monthly interest rate?(b) What is the amount of the equal monthly payment?(c) What is the interest payment for the 15th payment?(d) What is the total interest paid over the life of the loan?