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- A sum of $10,000 now (lime 0) in equivalent to the tolowing cash Row diagram. What in he of $8 rthe annual interest rate is 4? $3,200 S8 $2,200 $2,200 End of Year $10.000 Click the icon to view the interest and annulty table for discrete compounding when i4 per year The value of $8 is , Round to the nearest dolar.)Rich wants to have $25 000 in 5 years for a down payment on a house. How much should he invest today at 6.25% per annum, compounded quarterly? i = n = A = P = ? Present Value, P = A(1 + i)^ Notice the negative exponent Therefore, he should invest $ ..today.Eng'g Economy: At 8% annual interest compounded quarterly, how long will it take to become a millionaire if you invest your money worth $120,000?
- Co Question 16 What type of annuity is represented by the graph below? P 1 2 3 k-1 k A, A, A3 Ak-1 AK A perpetuity deferred annuity C annuity due D ordinary annuity E uniform gradient annuity Question 17 PriIf a person deposit 5500$ in his saving account for 6 years at interest rate of 9%. How much money he will get after 6 years, calculate the value using compound interest formula. Select one: a. 9450$ b. 9248$ c. 9224$You purchase a car today using a loan of $19000 APR 6%. If your plan is to pay during 5 years with equal monthly payments: Instructions: • Use 4 digits in your calculations and reporting the answers. • Do not write commas or apostrophes. • Do not write $ (dollar sign) or any other symbol, just write the number. a) How much do you need to pay each month? (estimate each month 30 days) has USD per month b) How much did you really pay after the 5 years considering all monthly payments? USD
- 6)Mr. Rambo wants to save for a new pickup that he expects will cost 1,900,000 four and one-halfyears from now. How much money will he have to save each year and deposit in a savings accountthat pays 6.25% per year, compounded annually, to buy the car in four and one-half years? Drawcash flow diagram7 of 7 New 2021 Ram 1500 Lone Star Get Ö%! 09 APR for 72 months You decide to buy a truck. They offer a $3500 rebate off the purchase price OR 0% for 72 months. The truck you want costs $50,000. Take the rebate off the purchase price at the time of purchase (PW). 10. You choose (The Rebate with a 4% per year interest loan, the 0% loan with no rebate) 11. You made that choice because the cost per month between the 4% loan with rebate vs. the 0% isA friend of yours bought a new sports car with a $5,000 down payment plus a $26,000 car loan that is financed at an interest rate of 0.25% per month for60 months. a. Calculate the required monthly loan payment on the car. b. How much does your friend still owe on the car loan immediately after she makes the 24th monthly payment? c. If, after the 24th payment, she decides to pay $300 more each month, how many months will it take her to payoff the remaining loan she owes? a) The required monthly Payment is $ (round to nearest cent) b. Your friend still owes on the car loan. (Round to the nearest dollar.) c. It will take her months. (Round-up to the nearest month)
- One borrows a $120,000 for 6 years at 7.24% APR, compounded monthly? a. What is the monthly payment? Answer to 2 decimal places. dollars b. What is the principal remaining after 8 months of payments? Answer to 2 decimal places. dollars c. What is the effective annual interest rate, APY for this loan? Answer to 2 decimal places. %Finance. Suppose that $2,300 is invested at 5% annual interest rate, compounded monthly. How much money will be in the account in (A) 8 months? (B) 16 years? (A) Amount after 8 months: $ (Round to the nearest cent.) (B) Amount after 16 years: S (Round to the nearest cent.)Question 4 > What present value amounts to $14,950.78 if it is invested for 7 years at 9% compounded every 2 months? The present value is $ (Round to 2 decimal places.) Aloxt Ouostion