You plan to save money for a down payment of $43,000 to purchase an apartment. You can only afford to save $6,000 at the end of every 6 months into an account that earns interest at 4.75% compounded monthly. How long will it take you to save the planned amount? years months Express the answers in years and months, rounded to the next payment period
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- You plan to save money for a down payment of $42,000 to purchase an apartment. You can only afford to save $6,000 at the end of every 6 months into an account that earns interest at 5.50% compounded monthly. How long will it take you to save the planned amount? years months Express the answers in years and months, rounded to the next payment periodYou plan to save money for a down payment of $37,000 to purchase an apartment. You can only afford to save $1,250 at the end of every quarter into an account that earns interest at 3.41% compounded annually. How long will it take you to save the planned amount? years months Express the answer in years and months, rounded to the next payment periodJohn plans to save money for a down payment of $38,000 to purchase an apartment. You can only afford to save $6,000 at the end of every 6 months into an account that earns interest at 5.50% compounded monthly. How long will it take John to save the planned amount? Express the answers in years and months, rounded to the next payment period.
- You plan to save money for a down payment of $55,000 to purchase an apartment. You can only afford to save $1,000 at the end of every month in an account that earns interest at 2.69% compounded quarterly. How long will it take you to save the amount? Express the answer in years and months, rounded to the next payment periodYou find a house that you would really like to purchase that is listed for $337000. The bank offers you a loan at 5% APR for 30 years. Calculate your monthly payment. Round your answer to the nearest cent.After learning about the time value of money, you decided to open a retirement account. You will invest $475 each month. It earns an annual interest rate of 10.8% per year. Your first deposit will be made one month from now. What is the value of your account in 33 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Retirement account value
- You decide to make monthly payments into a retirement fund earning 4.75% compounded monthly. Note: Payments are made at the end of each period. You decide to deposit $210 each month into the retirement fund, and retire when you can afford to buy your dream boat, which costs $347,000. How many months will you need to make payments before you can retire? months. Round to the nearest month.You have $29,307.61 in a brokerage account, and you plan to deposit an additional $4,000 at the end of every future year until your account totals $240,000. You expect to earn 12% annually on the account. How many years will it take to reach your goal? Round your answer to two decimal places at the end of the calculations. ___yearsYou make $10,000 deposit 1 year from now, $15,000 deposit 3 years from now and $20,000 deposit 5 years from now. You plan to retire 30 years from now. What monthly income you will receive due to these deposits over five years after the retirement? The first payment would be received at the end of the first month after the retirement and the last payment on the month ending the fifth year. The rate of return is 7.14%. Choices: $3,956.71 $9,221.89 $3,235.26 $4,267.06 $5,614.60
- suppose that you would like to save $20,000 over 5 years to use as a down payment for a house by making regular end-of-the-month deposits in an account that earns 4% compounded monthly. How much should you deposit into the account each month?You want to save the down payment required to purchase a vacation home at the end of four years. If the required down payment is $75,000 and you can earn 6% a year on your savings account, how much do you need to set aside at the end of each year for the next four years?If you deposit $4,000 at the end of each year into an account which earns 10.3%, how many years will it take until your account is worth $1,000,000? (using a spreadsheet)