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- If you borrowed $24,000 at 12% annual interest. You agreed to repay the loan with five equal annual payments. How much of the total amount repaid is interest? How much of the third annual payment is interest, and how much principal is there? If you decided to pay off your loan after the third payment, how much will you pay?Today you deposited $10,000 in a savings account paying 7% annual interest. How much should you have at the end of five years?At 10% compounded annually, how long will it take for money to double itself?
- Maria takes out a 30-year mortgage for $235,136 at an annual interest rate of 4.2%. How much does she still owe when there is 1 year left on the loan? Round your answer to the nearest dollar.Zeke bought a $2,250 shed on the installment plan. He made a $400 down payment, and he has to make monthly payments of $91 for the next two years. How much total interest will he pay?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?
- A couple deposits $24,000 into an account earning 3% annual interest for 30 years. Calculate the future value of the investment if the interest is compounded quarterly. Round your answer to the nearest cent. FormulasA bank is negotiating a loan. The loan can either be paid off as a lump sum of $100,000 at the end of four years, or as equal annual payments at the end of each of the next four years. If the interest rate on the loan is 10%, what annual payments should be made so that both forms of payment are equivalent?Dan is considering borrowing $500,000 to purchase a new condo. Based on that information, answer the following questions. Show all work. Calculate the monthly payment needed to amortize an 8% fixed-rate 30-year mortgage loan. Calculate the monthly amortization payment if the loan in (a.) was for 15 years instead.
- You borrow $500 from a family member and agree to pay it back in six months. Because you are part of the family, you are only being charged simple interest at the rate of 0.5% per month. How much will you owe after six months? How much is the interest?You want to buy a $32,000 car. You can finance the car for 1.5% interest for 6 years. What is your monthly payment? Assume monthly compounding. Do not enter the negative sign from your calculator (if there is one) or the dollar sign. Round to two decimal places.Jocelyn wants to buy a 72 inch flat screen TV to enjoy her birthday video highlights. It sells for $2,000 cash . She will make a down payment of $1,000 and then six monthly payments of $200. What is the full installment price?