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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 $2000 in an account eaming 6% interest compounded monthly. How much will you end up with in 20 years? How much did you contribute? How much interest will you earn?
Suppose that you deposit $200 each month into a retirement account earning 5% interest for 20 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 10 years later you decide to start. How much will you need to deposit each month for the remaining 10 years to end up with the same amount from the previous problem? (Assume the interest rate remains 5%) How much will you end up contributing? How much interest will you earn?
You have $500,000 saved for retirement. Your account earns 6% interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 20 years?
Suppose you bought a home for $140,000, paying 10% as a down payment, and financing the rest at 8% interest for 30 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 $250 per month car payment. You've found a 5 year loan at 7% 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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