Question
1) Find the future value, using the future value formula and a calculator. (Round your answer to the nearest cent.) $41.67 at 5.5% compounded daily
1) Find the future value, using the future value formula and a calculator. (Round your answer to the nearest cent.)
$41.67 at 5.5% compounded daily for 5 years
2) Find the total amount that must be repaid on the following note described.
$8,593 borrowed at 17.5% simple interest
What is the total amount to be repaid 3 years, 125 days later? (Round your answer to the nearest cent.)
3) If John wants to retire with $10,000 per month, how much principal is necessary to generate this amount of monthly income if the interest rate is 3%?
4) Find the cost of a home in 30 years, assuming an inflation rate of 1% (compounded continuously), if the present value of the house is $215,000. (Round your answer to the nearest cent.)
5) Suppose you buy a home and finance $275,000 at $2,253.17 per month for 30 years. What is the amount of interest paid? (Round your answer to the nearest cent.)
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