1.Tony Ring wants to attend Northeast College. He will need $60,000 5 years from today. Assume Tony's bank pays 8% interest compounded semiannually.

What must Tony deposit today so he will have $60,000 in 5 years? (Do not round intermediate calculations. Round your answer to the nearest cent.)

Amount to be deposited: ?

2.Julie and Kristen are the partners in a local sporting goods shop. They needed $51,000 to start the business. They invested in the ratio 5:12, respectively. a) how much money did each invest b) what percent of the business was owned by kristen? c) if the business grows to $3,000,000, what percent of it will Julie own?

3.Samuel borrows $5543 from Eric for 14 years. If the annual compound interest rate on the loan is 6.4%, how much will Samuel have to repay at the end of the loan?

4.Suppose that you borrow $3000.00 from a friend and promise to pay back $5400.00 in 4 years. What simple interest rate will you pay?

5.You want to be able to withdraw $40,000 each year for 30 years. Your account earns 6% interest.

You want to be able to withdraw $40,000 each year for 30 years. Your account earns 6% interest.

a) How much do you need in your account at the beginning?

$

b) How much total money will you pull out of the account?

$

c) How much of that money is interest?

6.How is profit and loss assessed in a company

7.How long will it take 1000 1000 dollars to double if it is invested at 9 9 % interest compounded semi-annually?

8.A sum of $27 comma 500 was invested in three mutual funds. In one year, the first fund grew by 4%, the second by 5%, and the third by 7.5%. Total earnings were $1630. The amount invested in the third fund was $1500 less than the combined amount invested in the other two funds. Use a linear system of equations to determine the amount invested in each fund. Use the simple interest formula to calculate each fund's growth

9.Use the future value formula to find the indicated value. n equals 24; i equals 0.03; PMT equals $ 82; FV = ?

10.he cost of a home is financed with a $130,000 40-year fixed-rate mortgage at 5%.

a. Find the monthly payments and the total interest for the loan

Prepare a loan amortization schedule for the first three months of the mortgage.