15.) How much must be deposited today into the following account in order to have $ 30000 in 8

years for a down payment on ahouse? Assume no additional deposits are made.

An account with monthly compounding and an APR of 5

%

$

nothing

should be deposited today.

(Do not round until the final answer. Then round to the nearest cent asneeded.)

16.) Suppose you start saving today for a

$40,000 down payment that you plan to make on a house in 8

years. Assume that you make no deposits into the account after the initial deposit. For the account describedbelow, how much would you have to deposit now to reach your

$40,000 goal in 8

years.

An account with daily compounding and an APR of 7

%

You should invest $

nothing

.

(Do not round until the final answer. Then round to two decimal places asneeded.)

17.) Consider an account with an APR of 4.5

%. Find the APY with quarterlycompounding, monthlycompounding, and daily compounding. Comment on how changing the compounding period affects the annual yield.

When interest is compoundedquarterly, the APY is

nothing

%.

(Do not round until the final answer. Then round to two decimal places asneeded.)

18.) Suppose someone wants to accumulate $

130,000 for retirement in 30 years. The person has two choices. Plan A is a single deposit into an account with annual compounding and an APR of 6

%. Plan B is a single deposit into an account with continuous compounding and an APR of 5.6

%. How much does the person need to deposit in each account in order to reach thegoal?

The person must deposit $

nothing

into the account for Plan A to reach the goal of $

130,000.

(Round to the nearest cent asneeded.)

19.) Find the savings plan balance after 4

years with an APR of

8% and monthly payments of $100.

The balance is $

nothing

.

(Do not round until the final answer. Then round to the nearest cent asneeded.)

20.)

Suppose that on January 1 you have a balance of $5000

on a credit card whose APR is 17

%, which you want to pay off in 1

year. Assume that you make no additional charges to the card after January 1.

a. Calculate your monthly payments.

b. When the card is paidoff, how much will you have paid since January1?

c. What percentage of your total payment from part(b) isinterest?

a. The monthly payment is $

nothing

.

(Do not round until the final answer. Then round to the nearest cent asneeded.)