Question 3

You want to know what the value of your retirement fund will be when you retire if you contribute regularly to your 401(k). The feature that will help you calculate this is:

a. the present value (PV) function.

b. the future value (FV) function.

c. the payment (PMT) function.

d. the interest (INT) function.

You are creating a table that shows the monthly payment on a house, comparing 15-year, 20-year, and 30-year mortgages at a variety of interest rates. Which of the following elements of the formula should use absolute cell references?

a. The amount financed

b. The length of the mortgages

c. The interest rates

d. Both the interest rates and the length of the mortgages