Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Suppose you plan to save $1,730 semi-annually ( meaning twice a year ) over the next 6 years. If you found a bank which will

  1. Suppose you plan to save $1,730 semi-annually (meaning twice a year) over the next 6 years. If you found a bank which will give you 9% APR, how much would you have in 6 years. (Round the answer two decimal point)

2. Suppose Aysha has $2,300 and she is worried that she will not have enough money by the time she plans to get married in 8 years. If she would need $8,183 for her wedding what interest rate should you be shopping around for? (Round the answer two decimal point)

3. Suppose you plan to save $139 per month over the next 4 years. If you found a bank which will give you 9% APR, how much would you have in 4 years. (Round the answer two decimal point)

4.Suppose you are looking for a loan to buy a barn. If you can afford a payment of $301 per month and want to pay the loan off over the next 7 years, how much can you borrow, if the bank will charge you an interest rate of 4% APR? (Round your answer to two decimal point)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

How Finance Works

Authors: Mihir Desai

1st Edition

1633696707, 978-1633696709

More Books

Students also viewed these Finance questions

Question

What steps should be taken to address any undesirable phenomena?

Answered: 1 week ago