Question
Client #10 Michaela wants to buy a car. Your bank can lend her $12,000 at 2.59% for 60 months. Michaela needs to know how much
Client #10
Michaela wants to buy a car. Your bank can lend her $12,000 at 2.59% for 60 months. Michaela needs to know how much her monthly payment will be.
(5 pt) Find Michaelas monthly payment amount. Write out 1) the correct formula with variables (e.g. P0, PN, N, r, etc.), and 2) the correct formula with the numerical values (round your answer to the nearest cent, 3) write the answer in a complete sentence.
Client #11
A town would like to build a new recreation center in 20 years. They predict they will need $15 million dollars. They want to know how much they should invest monthly in an annuity paying 8% compounded monthly.
(5 pt) Determine the amount the town needs to invest each month. Write out 1) the correct formula with variables (e.g. P0, PN, N, r, etc.), and 2) the correct formula with the numerical values (round your answer to the nearest cent, 3) write the answer in a complete sentence.
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