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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

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?

image text in transcribed
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

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