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please i just need the answer of the types not the answer. In Problems 2052: a. State the type, and b. Answer the question. 20.
please i just need the answer of the types not the answer.
In Problems 2052: a. State the type, and b. Answer the question. 20. Find the value of a $1,000 certificate in 24 years if the interest rate is 12% compounded monthly. 21. You deposit $300 at the end of each year into an account pay. ing 12% compounded annually. How much is in the account in 10 years? 22. A 5-year term insurance policy has an annual premium of $300, and at the end of 5 years, all payments and interest are refunded. What lump-sum deposit is necessary to equal this amount if you assume an interest rate of 10% compounded annually? 23. What annual deposit is necessary to have $10,000 in 5 years if all the money is deposited at 9% interest compounded annually? 24. A $5,000,000 apartment complex loan is to be paid offin 10 years by making 10 equal annual payments. How much is each payment if the interest rate is 14% compounded annually? 25. The price of automobiles has increased at 6.25% per year. How much would you expect a S20,000 automobile to cost in 5 years if you assume annual compounding? 26. The amount to be financed on a new car is $9.500. The terms are 7% for 4 years. What is the monthly payment? 27. What deposit today is equal to 33 annual deposits of S500 into an account paying 8% compounded annually? 28. If you can afford S875 for your house payments, what is the loan you can afford if the interest rate is 6.5% and the monthly payments are made for 30 years? 29. What is the monthly payment for a home costing S125,000 with a 20% down payment and the balance financed for 30 years at 12%? 30. Ricon Bowling Alley will need $80,000 in 4 years to resurface the lanes. What lump sun would be necessary today if the owner of the business can deposit it in an account that pays 99 compounded semiannually Step by Step Solution
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