Statistics

06-H6\\g1\\ You deposit $100 each month into an account earning 3% interest compounded monthly. a) How much will you have in the account in 35 years? b) How much total money will you put into the account? c) How much total interest will you earn? You deposit $2000 each year into an account earning 5% interest compounded annually. How much will you have in the account in 30 years? Suppose you want to have $400,000 for retirement in 20 years. Your account earns 4% interest. a) How much would you need to deposit in the account each month? b) How much interest will you earn? You want to be able to withdraw $50,000 each year for 20 years. Your account earns 5% interest. a) How much do you need in your account at the beginning? b) How much total money will you pull out of the account? c) How much of that money is interest? You have 52,500 on a credit card that charges a 18% interest rate. If you want to pay off the credit card in 5 years, how much will you need to pay each month (assuming you don't charge anything new to the card)? Suppose you want to have $800,000 for retirement in 35 years. Your account earns 8% interest. How much would you need to deposit in the account each month? You want to buy a $33,000 car. The company is offering a 3% interest rate for 36 months (3 years). What will your monthly payments be? You want to buy a $216,000 home. You plan to pay 10% as a down payment, and take out a 30 year loan for the rest. a) How much is the loan amount going to be? b) What will your monthly payments be if the interest rate is 5%? c) What will your monthly payments be if the interest rate is 6%? You can afford a $1000 per month mortgage payment. You've found a 30 year loan at 6% interest. a) How big of a loan can you afford? b) How much total money will you pay the loan company? c) How much of that money is interest