You plan to deposit an amount into a savings account that pays

6.0%

annual interest. How many years you have to wait until your money doubles?\ Jane borrowed

$5,000

at

4%

per year from a relative and promised to pay back as follows:\

$2,500

at end of year 3\ Final payment at year 6\ What is the final payment?\ You want to have

$3,000

in your account 5 years from now. How much money you need to put into account now? Account pays an interest of

2.5%

annually.\ Same problem as above, except you make payments every year, What is the annual payment amount?\ A used car lot has the following deal on a

$19,000

car.

$0

down and

$385

monthly payments for 60 months. What is the monthly rate they charge?\ Baby's Joe's grandparents decided to start depositing

$(2000)/()

year in his

3^(rd )

birthday and plan to continue doing so until his

20^(th )

How much money will be in the account on his

20^(th )

birthday, assuming it makes

4%

per year interest annually.\ An individual is borrowing

$275,000

for a 20 year loan at

3.95%

per year compounded monthly. Compute the monthly payment.\ Continue on Q 7: Immediately after the

109^(th )

monthly payment, the home owner plans to sell the house. How much money is owed back to the bank?

1. You plan to deposit an amount into a savings account that pays 6.0% annual interest. How many years you have to wait until your money doubles? 2. Jane borrowed $5,000 at 4% per year from a relative and promised to pay back as follows: - $2,500 at end of year 3 - Final payment at year 6 What is the final payment? 3. You want to have $3,000 in your account 5 years from now. How much money you need to put into account now? Account pays an interest of 2.5% annually. 4. Same problem as above, except you make payments every year, What is the annual payment amount? 5. A used car lot has the following deal on a $19,000 car. $0 down and $385 monthly payments for 60 months. What is the monthly rate they charge? 6. Baby's Joe's grandparents decided to start depositing $2000/ year in his 3rd birthday and plan to continue doing so until his 20th How much money will be in the account on his 20th birthday, assuming it makes 4% per year interest annually. 7. An individual is borrowing $275,000 for a 20 year loan at 3.95% per year compounded monthly. Compute the monthly payment. 8. Continue on Q 7: Immediately after the 109th monthly payment, the home owner plans to sell the house. How much money is owed back to the bank