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If you put your $100 into a saving account which earns 5% interest, how long does it take for your money to double?
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- Distinguish between Simple interest and Compound Interest?On November 4, you get a boat loan. Your first payment is due December 4. You write out your check on December 1, drop it in a mailbox on December 2, it gets postmarked on December 3, and the lender receives it on December 6. For how many days is interest calculated?Write the formula developed for calculating compound interest?
- Joe just completed his engineering degree and started to work for an engineering firm. Joe wants to retire early after 30 years working. He plans to invest $5,000 at the end of every year for a 30-year career. If Joe needs $3,954,750 in savings at retirement, what interest rate must the investment earn?How much should you put into 6% saving account in order to have 100,000 in five years?You want to buy a $249,000 home. You plan to pay 5% 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% ?