Question
MATHEMATICS OF BUSINESS AND FINANCE 1) Luis secured a 4-year car lease at 5.60% compounded annually that required him to make payments of $888.25 at
MATHEMATICS OF BUSINESS AND FINANCE
1) Luis secured a 4-year car lease at 5.60% compounded annually that required him to make payments of $888.25 at the beginning of each month. Calculate the cost of the car if he made a down payment of $1,500.
2) Erica set up a savings fund for her son's education so that she would be able to withdraw $1,550 at the beginning of every month for the next 7 years. The fund earns 3.72% compounded quarterly.
A. What amount should she deposit today to allow for the $1,550 periodic withdrawals?
B. How much interest would she earn in this investment?
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Ouch What You Dont Know About Money And Why It Matters More Than You Think
Authors: Paul Knott
1st Edition
0133527077,0273788752
