Statistics and Probability

You deposit $400 each month into an account earning 8% interest compounded monthly. a) How much will you have in the account in 30 years? b) How much total money will you put into the account? c) How much total interest will you earn? You deposit $1000 each year into an account earning 4% interest compounded annually. How much will you have in the account in 35 years? Suppose you want to have $300,000 for retirement in 30 years. Your account earns 9% interest. a) How much would you need to deposit in the account each month? b) How much interest will you earn? You have $400,000 saved for retirement. Your account earns 9% interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 25 years? You want to be able to withdraw $35,000 each year for 15 years. Your account earns 6% 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 want to buy a $19,000 car. The company is offering a 4% interest rate for 48 months (4 years). What will your monthly payments be? Suppose you want to have $400,000 for retirement in 25 years. Your account earns 6% interest. How much would you need to deposit in the account each month? You have $4,000 on a credit card that charges a 17% interest rate. If you want to pay off the credit card in 3 years, how much will you need to pay each month (assuming you don't charge anything new to the card)? You want to buy a $214,000 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 $1400 per month mortgage payment. You've found a 30 year loan at 7% 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