Question
(1) Find accumulated value of an investment of $30,000 in 7 years if interest is 7% compounded quarterly. (2) A debt of $8500 is to
(1) Find accumulated value of an investment of $30,000 in 7 years if interest is 7% compounded quarterly.
(2) A debt of $8500 is to be repaid with payments of $3000 in 6months and two equal payments in 9 months and 1 year. What is the size of the payments if money earns 8% compounded quarterly? Use today as your focal date.
(3) How much did you borrow 8 years ago if you now owe $18,300 and interest is 7% compounded semi-annually?
(4) Find the monthly payment on a $300,000 mortgage amortized for 25 years at 7% compounded semi-annually.
(5) How long will it take money to double at 5% compounded monthly?
(6) If you invest $500/month for 10 years at 3% compounded quarterly, how much will you have?
(7) You want to withdraw $500/month for 1 years but DEFER it for 5 months. If interest is 5% compounded monthly, how much do you need to deposit today to achieve this?
(8) If you accumulated $15,000 in 3 years by making quarterly deposits at the beginning of each quarter at 6% compounded quarterly, what was the size of the payments?
(9) How long will it take to pay off a loan of $50,000 at 10% compounded semi-annually with $1000 monthly payments?
(10) How long will it take for end of quarter deposits of $800 to accumulate to $20,000 in an account that earns 3% compounded monthly?
(11) A 5 year $10,000 promissory note pays 6% compounded monthly. It was sold 3 years later to yield the purchaser 7% compounded quarterly. Find the proceeds of the note.
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