I need to find the solutions using a BA 2 Plus financial calculator NOT through excel. 5 and 6 are not needed But 9 and 10 are very important.
Question 5 5 pts You are taking out a car loan and will make payments of $315 each month (beginning one month from today). for a total of 60 monthly payments. If the interest rate on the loan is 0.83% (the effective monthly rate on this loan), how much are you borrowing to buy the car? [Hint: Loan problems are typically PV annuity problems, where the amount you are borrowing is the PV of the series of future payments.] Do not round any intermediate work. Round your final answer to 2 decimal places (ex: if your answer is 12.345678 then you should enter 12.35). Margin of error for correct answers: +/- 03. Question 6 5 pts You will deposit $241 each year into an investment account that earns 9% interest (an APR, with interest compounded annually). Your first deposit will be exactly one year from today, and you'll make a total of 10 deposits. How much will be in your account 10 years from today? Do not round any intermediate work. Round your final answer to 2 decimal places (ex: if your answer is 12.345678 then you should enter 12.35). Margin of error for correct answers: +/- 03. Question 7 5 pts An investment offers $712 per year forever, with the first payment occurring today. If the interest rate is 6.9% (per year, with annual interest compounding), the value of the entire investment today is Do not round any intermediate work. Round your final answer to 2 decimal places (ex: if your answer is 12.345678 then you should enter 12.35). Margin of error for correct answers: +/-.05. Question 8 5 pts You have saved $3.180 for a down payment on a new car. The monthly payment you can afford is $384. You will make payments for 48 months (starting 1 month from today). If the relevant interest rate is 0.78% per month (this is an Effective Monthly Rate), the price of the car you can afford (taking into account the down payment as well) is $ [Hint: This problem is similar to #5, except that in this case you are bringing some cash to the car dealership that will go toward the purchase (in addition to whatever you are borrowing).] Do not round any intermediate work. Round your final answer to 2 decimal places (ex: if your answer is 12.345678 then you should enter 12.35). Margin of error for correct answers: +/-.05. Question 9 5 pts You will deposit $150 each of the next five years (the first deposit will occur one year from today, and there will be a total of 5 equal deposits) into an account that pays a 7.2% effective annual rate. Six years from today, you wish to have exactly $1000 in the account. You would need to deposit an additional $ into the account six years from today to meet that goal. (Hints: Make a timeline! There are many ways to solve this problem, so you should be able to verify your answer by trying a different solution method. I recommend making sure you can solve this problem by starting it as an annuity problem.] Do not round any intermediate work. Round your final answer to 2 decimal places (ex: if your answer is 12.345678 then you should enter 12.35). Margin of error for correct answers: +/-.05. 5 pts Question 10 You will receive a series of $1,237 payments, annually, beginning exactly 5 years from today, for a total of 10 payments. The relevant interest rate your opportunity cost) is 8% (as an EAR). What is the present value today (year 0) of this series of payments
