Compute a final numerical answer for each of the following problems. You should work out your solutions on loose leaf paper so that you can check your solutions against the solution key that I will post after the submission period ends. Unless specifically told in a problem to do otherwise, round all dollar answers to 2 decimal places, round time (years or months) answers to one (1) decimal place and record interest rates as percent values rounded to one (1) decimal place. However, be sure to NOT input a dollar sign, commas, or percent sign on D2L. For example, record $3,284.33965 as 3284.34, record 37.285432 years as 37.3 and record .064358 = 6.4358% as 6.4.

37. Upon graduation, Jill Valentine plans to purchase a new car. Jill believes that she will be able to secure financing from her credit union for a 60-month loan with a 5.99 percent annual rate, compounded monthly. Jill has saved up $1500 that she will use as a down payment on the car she plans to purchase, which has a final "drive out" price of $33,400 (excluding the down payment). If the first payment on Jill Valentine's loan (i.e., the "drive out" price minus her down payment) is due exactly one month after she buys the car, how much will that amount be?

38. Lady Dimitrescu just agreed to a new loan to purchase a $3,280 computer. The loan has a 22.6% annual interest rate, compounded monthly. The minimum monthly payment is $80, and Lady Dimitrescu does not expect to ever pay more than the minimum payment. Assuming no additional charges or costs will occur with this loan, how much will Lady Dimitrescu still owe on the loan (if anything) exactly 36 months from today (when she expects she will need to purchase another new computer)?

39. For $250,000 today, Laura Croft can purchase an ordinary annuity which will pay her $25,000.00 per year for each of the next 15 years (first payment to be received exactly 1 years from today). What is the annual interest rate implicit in this investment? Round your answer to the nearest tenth (for example, record 0.4325 as 43.3% - but do not include the percent sign in iCollege

40. Nathan Drake is considering borrowing $10,000,000 for 25 years with a loan that has an interest rate of 6.85% p.a. The loan agreement calls for 25 equal annual payments, to be paid at the end of each of the next 25 years (first payment due exactly one year from today). Assuming that Nathan makes the required payment every year for the next 6 years, how much of the sixth payment will go to interest?

41. Cloud Strife is going to deposit $175,000 into a certificate of deposit (CD) at a 3.249% annual rate (compounded annually) with a maturity of 75 months. How much money will Cloud receive when the CD matures?

42. Over Dina's objections, Ellie is evaluating an investment that will provide the following end-of-year cash flows:

Year Cash Flow

1 $11,500

2 $15,000

3 $18,000

4 $22,500

5 $27,000

6 $0

7 $35,000

If Ellie believes that she should earn an annual rate of 14.9 percent on this investment, how much should Ellie pay for this investment?

43. Marcus Holloway has $15,000 that he will use as a down payment on a new car. Assuming that Marcus can afford a payment of $875 per month, how much can Marcus spend on a car (that is, what is the total cost of the car that Marcus can purchase) if the interest rate is 5.15% and if he will finance his purchase with a 6-year, monthly payment loan?

44. 44. Suppose Link deposits $15,000 into an account earning 7.285 percent interest, compounded monthly. How many years (rounded to one decimal place - for example, 32.1843 year = 32.2) will it take for Link 's account to be worth $50,000?

45. 45. Suppose Crash Bandicoot deposits $75,000 into an account earning 11.4 percent interest, compounded monthly and Crash also makes monthly deposits of $2500 (first monthly contribution made one month after the initial deposit is made) into this account. How many years (rounded to one decimal place - for example, 32.1843 year = 32.2) will it take for the account to grow to $1,000,000?

46. What is the future value at the end of year 34 of depositing $3,500 today, $5,000 at the end of years 1, 2 and 3, $6,000 at the end of years 4, 5, 6 and 7 and $12,000 at the end of years 8, 9, 10, 11 and 12 into an account that pays 4.15% p.a.? (No deposits will be made into the account after year 12).

47. If Lisa Hamilton wants to fund a scholarship that would pay $13,500 per year forever at GSU, how much would Lisa have to deposit today if she wanted the scholarship to start paying six (6) years from today? Assume the endowment could earn 6.25% p.a. interest forever.

48. Vito Scaletta just bought his dream car, a 2022 Bugatti Divo, that cost $6,005,320. He paid $605,320 down and financed the balance over 72 months at 5.55% p.a. If Vito makes all required payments on time, what is the total amount of interest that Vito will pay over the entire term of the loan (that is, the total amount of interest that is paid on payments 1 through 72)?

49. Daigo Dojima recently invested $6500 in a project that is promising to return 3.785 percent per year. The cash flows are expected to be as follows:

End of Cash Year Flow

1 $1000

2 950

3 875

4 ???

5 850

Note that the 4th year cash flow is unknown. Assuming the present value of this cash flow stream is $6500 (that is, CF0 = -6500), what is the missing cash flow value (that is, what is the cash flow at the end of the 4th year)?

50. Last week, Bayonetta opened a new wealth management account at the Capital Bank of Noatun to begin saving for retirement. Today, Bayonetta deposited $135,000 into her account. She then plans to make equal deposits into the account every month for the next 18 years (thus, Bayonetta will make a total of 216 equal deposits into her account with the first deposit to be made exactly one month from today). Exactly one month after her last deposit is made into the account, Bayonetta wants to withdraw $35,000 per month from the account for a total of 15 years (i.e., a total of 180 withdrawals). If Bayonetta believes she will earn 9.75% p.a. with monthly compounding on her account over the entire deposit and withdrawal period, what is the minimum amount that she must deposit every month during the deposit phase (i.e., for months 1 to 216) to achieve her withdrawal goal?