MATTILMATICAL ASSOCIATION OF AMERICA ple and Compound Interest / 12 Previous Problem Problem List Next Problem HW 20 Simple and Compound Interest: Problem 12 (2 points) In 6 months, Alex will need $1,530.00 to pay her college tuition. How much does she need to invest today into an account earning an an interest rate of 6.392% compounded monthly, so that she has enough money to pay her tuition? The amount Alex needs to invest is (Note: Your answers should include a dollar sign and be accurate to two decimal places) Preview My Answers Submit Answers You have attempted this problem 0 times. You have unlimited attempts remaining. Page generated at 05/04/2024 at 02:42pm EDT WeBWorK 1896-2022 theme: math4-green | ww.version: 2.171pgersion 2.17 The WaßWork Project

37. Savings Gabriel Branson invested his summer earnings of $3000 in a savings account for college. The account pays 1.5% simple interest. What will be the value of this account after 2 years?

Question a Tori is planning to buy a car. The maximum payment she can make is $3400 per year, and she can get a car loan at her credit union for 7.3%interest. Assume her payments will be made at the end of each year 1–4. If Tori’s old car can be traded in for $3325, which is her down payment, what is the most expensive car she can purchase? Full explain this question and text typing work only     We should answer our question within 2 hours takes more time then we will reduce Rating Dont ignore this lin

You are interested in purchasing a new home for $200,000, but you need to save 20% of the price to get a convential loan. If you open a bank account with an APR of 9%, how much would you need to put in monthly in order to purchase the home in 5 years if intrest accrues monthly?     $532     $1130     $338     $892

To pay for your​ education, you've taken out ​$24 comma 00024,000 in student loans. If you make monthly payments over 1212 years at 66 percent compounded​ monthly, how much are your monthly student loan​ payments?         Question content area bottom Part 1 Your monthly student loan payments are ​$enter your response here. ​(Round to the nearest​ cent.)

FUTURE VALUEIf you deposit $5,000 in a bank account that pays 10% interest annually to buy a car after you graduate from college, how much would be in your account after 5 years? Group of answer choices $5,000 $8,053 $5,900 $10,000

Time to accumulate a given sum Personal Finance Problem Manuel Rios wishes to determine how long it will take an initial deposit of $7,000 to double. a. If Manuel earns 8% annual interest on the deposit, how long will it take for him to double his money? b. How long will it take if he earns only 5% annual interest? c. How long will it take if he can earn 10% annual interest? d. Reviewing your findings in parts a, b, and c, indicate what relationship exists between the interest rate and the amount of time it will take Manuel to double his money. a. If Manuel earns 8% annual interest, the amount of time to double his money is years. (Round to two decimal places.) C

oblem Set for Savings Account Goals ATH 113: Section 9.4b Page 2 of 2 3. Rachel still wants that new camera that costs $3800 for her photography business. Her savings account earns .89% compounded monthly a. Rachel wants to know how long it will take her to save for the camera if she makes monthly deposits of $75. b. How much will she pay in the long run for the camera if she makes monthly deposits of $75?

QUESTION 10 Aya and Sakura have now saved up their down payment to buy a home, but they still need to borrow to cover the rest.  For the home they want this will require a mortgage of $450,000 to cover the remaining amount and they’re not sure whether they could afford the monthly loan payments.  The bank has offered them a mortgage interest rate of 3.25%, compounded monthly .  How much would they have to be able to afford to pay each month in order to pay off their mortgage in 25 years?  What is the total amount that would be paid to the lender after 25 years of payments?  ANSWER FOR PART 1  : 2192.92 ANSWER FOR PART 2  : 657876.00   What if Aya and Sakura could only afford a monthly payment of $1800?   What would be the maximum mortgage amount they could afford to borrow from the bank, if all the other conditions were the same?  What is the total amount that would be paid to the lender over 25 years?

Multiple Choice Questions Choose the correct answer 1. Fatima now has $187. How much would she have after 6 years if she 5 points leaves it invested at 7.5% with annual compounding? * a) $288.59 b) $268.80 c) $364 d) $245.50 e) None of the above 2. If you deposit 1500$ in bank account that pays 10% interest annually. how long will it take to double your money? 5.00ts a) 5 vear