How many more payments would be required to be able to accumulate at least $54,000 by saving $1,650 at the beginning of every month instead of $1,650 at the end of every 6 months? Assume an interest rate of 4.73% compounded semi-annually.
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How many more payments would be required to be able to accumulate at least $54,000 by saving $1,650 at the beginning of every month instead of $1,650 at the end of every 6 months? Assume an interest rate of 4.73% compounded semi-annually.
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- How much must be invested now to receive $30,000 for 10 years if the first $30.000 is received one year from now and the rate is 8%?If you put $6,000 in a savings account that yields an 1% rate of interest compounded daily, what will the investment beworth at the end of one year?If interest is compounded semi-annually (twice a year), and the interest rate is 3% per 6 month period, what amount of money now is equivalent to receiving 10,000 two years from now?
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- Consider a loan of 1,000,000 which is to be amortized by 60 monthly payments. The interest rate is 10% converted monthly. How much of the 47th payment goes to pay the interest? How much of the 47th payment goes to pay the principal?If you invest $48500 to earn 7% interest, which of the following compounding approaches would return the lowest amount after one year? Daily. Annually. Monthly. Quarterly.You borrow $150,000 with a 20-year term at a9.3% (APR) variable rate and the interest rate can bechanged every six years.(a) What is the initial monthly payment?(b) If the lender’s interest rate is 10.2% (APR) atthe end of six years, what will the new monthlypayments be?
