Question
a. Suppose you deposit $1,198.00 into an account 6.00 years from today. Exactly 20.00 years from today the account is worth $1,450.00. What was the
a. Suppose you deposit $1,198.00 into an account 6.00 years from today. Exactly 20.00 years from today the account is worth $1,450.00. What was the account's interest rate?
Answer Format: Percentage Round to: 3 decimal places (Example: 9.243%, % sign required. Will accept decimal format rounded to 5 decimal places (ex: 0.09243))
b. Derek borrows $263,905.00 to buy a house. He has a 30-year mortgage with a rate of 5.09%. After making 146.00 payments, how much does he owe on the mortgage?
Answer Format: Currency: Round to: 2 decimal places.
c. Derek borrows $42,868.00 to buy a car. He will make monthly payments for 6 years. The car loan has an interest rate of 5.41%. After a 13.00 months Derek decides to pay off his car loan. How much must he give the bank?
Answer Format: Currency: Round to: 2 decimal places.
d. Derek plans to buy a $27,213.00 car. The dealership offers zero percent financing for 50.00 months with the first payment due at signing (today). Derek would be willing to pay for the car in full today if the dealership offers him $____ cash back. He can borrow money from his bank at an interest rate of 4.53%.
Answer Format: Currency: Round to: 2 decimal places.
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