Hey, can someone help me with my math assignment involving financial literacy?
StudyForge FINANCIAL LITERACY ASSIGNMENT Resources 6. Calculate the accumulated amount in each investment after 40 years. a. $150 invested on the first day of each month at 6% compounded monthly. N = NO 1% = 6 PV =0 SoWe lor FV PMT =10 FV = P / Y = C /Y = 12 PMT: END (BEGIN b. $900 invested on January 1st and on July 1st at 4% compounded semi-annually. N = 1% = PV = PMT = FV = P / Y = C/Y = PMT: END BEGINFINANCIAL LITERACY ASSIGNMENT StudyForge Resources c. $450 invested on January 1st, April 1st, July 1st, and October 1st at 5% compounded quarterly. N = 1% = PV = PMT = FV = P / Y = C/Y = PMT: END BEGIN 7. Loans and Financing: a. Ken and Marcy plan to have their kitchen remodeled at a cost of $6,000. The carpenter suggests that they pay $600 down, followed by 18 monthly payments of $325. What is the finance charge for this payment schedule?StudyForge FINANCIAL LITERACY ASSIGNMENT Resources C. The Lees have purchased a new home for $360,000, and put a down payment of $50,000 on it. They have a mortgage for the balance, amortized over 20 years at 5.25% If the Lees pay off the mortgage at the end of the 20 years, how much interest will they have paid in total? N = 1% = PV = PMT = FV = P / Y = C/Y = PMT: END BEGIN d. A family has a mortgage on a home for $295,000, amortized over 25 years, at an APR of 4.5%. The monthly payment on the mortgage is $1,639.71/ If the family makes a $25,000 extra payment at the end of the 4th year of the mortgage, how much interest will they save by the end of the 25-year period of the mortgage? Hint: Assume the monthly payment is adjusted at the end of the 4th year, to keep the original amortization of 25 years. N = N = 1% = 1% = PV = PV = PMT = PMT = FV = FV = P/Y = P /Y = C/Y = C/Y = PMT: END BEGIN PMT: END BEGINFINANCIAL LITERACY ASSIGNMENT StudyForge Resources d. Huan accepted an in-store loan on a computer she just purchased. The monthly payment is $64.53 on the $2,000 computer with a 12% APR for 3 years. Determine the portion of the monthly payment that will go towards interest and principal for the first two months. 8. Mortgages: a. What is the period interest rate on a mortgage with a 4.8% APR compounded semi- annually? b. A certain family can afford a monthly mortgage payment of $1,340.00. With an APR of 5.25% per annum, what is the maximum mortgage amount they can afford if they prefer a 20-year amortization period? N = 1% = PV = PMT = FV = P /Y = C/Y = PMT: END BEGINFINANCIAL LITERACY ASSIGNMENT StudyForge Resources b. Trevor asks his bank for a loan of $22,000 to add a guest room to his house. His bank offers financing at 7.25% compounded monthly, for a term of 5 years, payable monthly. What is Trevor's monthly payment? N = 1% = PV = PMT = FV = P / Y = C/Y = PMT: END BEGIN c. Kawai requires a loan of $33,000 to buy a used sport utility vehicle. His banks offers financing at 6.75% compounded monthly, for a term of 6 years, payable monthly. What is the total cost of this loan? N = 1% = PV = PMT = V = P/Y = C/Y = PMT: END BEGIN
