Question
More Detal, Thanks^^ (1) Suppose you want to buy a new computer system and the store is willing to sell it and allow you to
More Detal, Thanks^^
(1)Suppose you want to buy a new computer system and the store is willing to sell it and allow you to make monthly payments. The entire computer system costs $3500. The loan period is for 2 years and the interest rate is 16.9% with monthly compounding. What is your monthly payment?
1.Monthly rate
2.Number of months
3.A= ?
(2) Suppose you deposit $50 per month into an account that has an APR of 9%, based on monthly compounding. How much will you have in the account in 35 years?
1.Monthly rate
2.Number of months
3.FV =?
(3) You need $15,000 in 3 years for a new car.If you can deposit money into an account that pays an APR of 5.5% based on daily compounding, how much would you need to deposit?
1.Daily rate
2.Number of days
3.PV = ?
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