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Formula names Simple Interest over time Simple interest plus principal Compound interest annuity formula Loan formula Answering the following problems using the correct Formulas from
Formula names
Simple Interest over time
Simple interest plus principal
Compound interest annuity formula
Loan formula
Answering the following problems using the correct Formulas from above
Suppose you deposit $ in an account eaming interest compounded monthly. How much will you end up with in years? How much did you contribute? How much interest will you earn?
Suppose that you deposit $ each month into a retirement account earning interest for years. How much will you end up with? How much did you contribute? How much interest will you earn?
Suppose that you didn't start making deposits right away, and years later you decide to start. How much will you need to deposit each month for the remaining years to end up with the same amount from the previous problem? Assume the interest rate remains How much will you end up contributing? How much interest will you earn?
You have $ saved for retirement. Your account earns interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for years?
Suppose you bought a home for $ paying as a down payment, and financing the rest at interest for years. How much money did you pay as your down payment? How much money was your mortgage loan for? What is your current monthly payment? How much total interest will you pay over the life of the loan?
You can afford a $ per month car payment. You've found a year loan at interest. How expensive of a car can you afford? How much total money will you pay the loan company? How much of the money is interest?
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