1.Find the amount accumulatedFVin the given annuity account. (Assume end-of-period deposits and compounding at the same intervals as deposits. Round your answer to the nearest ten dollars.)

$500deposited monthly for15years at2% per year

FV= $

2.Find the periodic paymentsPMTnecessary to accumulate the given amount in an annuity account. (Assume end-of-period deposits and compounding at the same intervals as deposits.

$20,000in a fund paying3% per year, with monthly payments for5years

PMT=

3.Find the present valuePVof the annuity account necessary to fund the withdrawal given. (Assume end-of-period withdrawals and compounding at the same intervals as withdrawals. Round your answer to the nearest cent.)

$200per month for15years, if the account earns5% per year

PV= $

4.Find the periodic withdrawalsPMTfor the given annuity account. (Assume end-of-period withdrawals and compounding at the same intervals as withdrawals. Round your answer to the nearest cent.)

$150,000at2%, paid out monthly for10years

PMT=

5.Find the periodic withdrawalsPMTfor the given annuity account. (Assume end-of-period withdrawals and compounding at the same intervals as withdrawals.

$300,000at6%, paid out monthly for19years, leaving $10,000 in the account after the19years

PMT= $

6.We suggest the use of a spreadsheet to create the amortization tables.

You take out a 30-year mortgage for $95,000at9.85%, to be paid off monthly. Construct an amortization table showing how much you will pay in interest each year for the first 15 years and how much goes toward paying off the principal. If you sell your house after 15 years, how much will you still owe on the mortgage according to the amortization table?

7.Find the periodic paymentsPMTnecessary to accumulate the given amount in an annuity account. (Assume end-of-period deposits and compounding at the same intervals as deposits.

$10,000in a fund paying6% per year, with monthly payments for 10 years

PMT= $

8.Determine the periodic paymentsPMTon the given loan or mortgage.

$800,000borrowed at4% for10years, with quarterly payments

PMT= $

9.You wish to accumulate $100,000 through monthly payments of $500. If you can earn interest at an annual rate of 4% compounded monthly, how long (to the nearest year) will it take to accomplish your goal?

10.You take out an adjustable rate mortgage for $100,000 for 20 years. For the first 5 years, the rate is4%. It then rises to6% for the next 10 years, and then8% for the last 5 years. What are your monthly payments in the first 5 years, the next 10 years, and the last 5 years? (Assume that each time the rate changes, the payments are recalculated to amortize the remaining debt if the interest rate were to remain constant for the remaining life of the mortgage.

payments for the first 5 years $

payments for the next 10 years $

payments for the last 5 years $