3.

PRACTICE ANOTHERLup made a down payment of $9000 toward the purchase of a new car. To pay the balance of the purchase price, she has secured a loan from her bank at the rate of 8%/year compounded monthly. Under the terms of her finance agreement she is required to make payments of $490/month for 48 months. What is the cash price of the car? (Round your answer to the nearest cent.) $

4.

[0/1 Points]DETAILSPREVIOUS ANSWERSTANFIN12 5.2.016.

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PRACTICE ANOTHERIf Jackson deposits $120 at the end of each month in a savings account earning interest at a rate of 3%/year compounded monthly, how much will he have on deposit in his savings account at the end of 5 years, assuming he makes no withdrawals during that period? (Round your answer to the nearest cent.) $

5.

[/1 Points]DETAILSTANFIN12 5.3.016.CMI.

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PRACTICE ANOTHERSuppose payments were made at the end of each month into an ordinary annuity earning interest at the rate of 3.5%/year compounded monthly. If the future value of the annuity after 10 years is $50,000, what was the size of each payment? (Round your answer to the nearest cent.) $

6.

[/1 Points]DETAILSTANFIN12 5.3.020.CMI.

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PRACTICE ANOTHERWhat monthly payment is required to amortize a loan of $30,000 over 15 years if interest at the rate of 5%/year is charged on the unpaid balance and interest calculations are made at the end of each month? (Round your answer to the nearest cent.) $

7.

[/1 Points]DETAILSTANFIN12 5.3.022.

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PRACTICE ANOTHERThe Flemings secured a bank loan of $360,000 to help finance the purchase of a house. The bank charges interest at a rate of 2%/year on the unpaid balance, and interest computations are made at the end of each month. The Flemings have agreed to repay the loan in equal monthly installments over 25 years. What should be the size of each repayment if the loan is to be amortized at the end of the term? (Round your answer to the nearest cent.) $

8.

[/1 Points]DETAILSTANFIN12 5.3.028.CMI.

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PRACTICE ANOTHERJessica wants to accumulate $12,000 by the end of 6 years in a special bank account, which she had opened for this purpose. To achieve this goal, Jessica plans to deposit a fixed sum of money into the account at the end of the month over the 6-year period. If the bank pays interest at the rate of 8% per year compounded monthly, how much does she have to deposit each month into her account? (Round your answer to the nearest cent.) $

9.

[/1 Points]DETAILSTANFIN12 5.3.034.CMI.

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Joe secured a loan of $13,000 four years ago from a bank for use toward his college expenses. The bank charges interest at the rate of 5%/year compounded monthly on his loan. Now that he has graduated from college, Joe wishes to repay the loan by amortizing it through monthly payments over 15 years at the same interest rate. Find the size of the monthly payments he will be required to make. (Round your answer to the nearest cent.) $

10.The price of a new car is $12,000. Assume that an individual makes a down payment of 25% toward the purchase of the car and secures financing for the balance at the rate of 6%/year compounded monthly. (Round your answers to the nearest cent.)

(a) What monthly payment will she be required to make if the car is financed over a period of 48 months? Over a period of 72 months?

48 months	$
72 months	$

(b) What will the interest charges be if she elects the 48-month plan? The 72-month plan?

48-month plan	$
72-month plan	$