Question 3

10 Points

You deposit $620 in an account one time that compounds monthly at 5.7 percent. How much will you have in your account at the end of 8 years? (Do not round intermediate calculations, round answer to two decimals, i.e. 123.45)

Question 4

10 Points

A balloon payment of $37,000 on your house is due in 10 years. If you can earn an average of 9 percent per year for all the years, how much will you have to place into an account today to have the total amount when due? (Do not round intermediate calculations, round answer to two decimals, i.e. 123.45)

Question 6

10 Points

A financial institution quotes a rate of 6.4 percent compounded daily. What is the effective rate for the year using a 365 day year? (Do not round intermediate calculations, round answer to two decimals, i.e. 123.45)

Question 7

10 Points

Felice Navidad purchases 2,000 shares of NOW Technology stock at $7 in Christmas 4 years ago. In Christmas of 2019 she sells the stock at $31 per share. What is Felice's internal rate of return?(Do not round intermediate calculations, round answer to two decimals, i.e. 123.45)

Question 8

10 Points

Mr. Bates is creating a college fund for his daughter. He will put in $1760 at the end of each year for the next 10 years. He expects to earn 7.26% annually. How much money will his daughter have in her college fund? (Do not round intermediate calculations, round answer to four decimals, i.e. 123.45)

Question 9

10 Points

Calculate the monthly mortgage payment made at the beginning of each month on a $136,000 mortgage. The mortgage is for fifteen years and the interest rate is 5.5 percent. (Do not round intermediate calculations, round answer to four decimals, i.e. 123.45)