4. To buy the school supplies for the comingschool year, you get a summer job at a resort.Suppose you save P4 100.00 of your salary anddeposit it into an account that earns simpleinterest. After 8 months, the balance isP 4, 263.00. What is the annual interest rate?

Answered: Image /qna-images/answer/29108b47-ffb8-430b-a076-b2d51d83a6ac.jpg

Answered: 4. To buy the school supplies for the…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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You want to save $20,000 for a down payment on a home by making regular monthly deposits over five years. Take the APR to be 4%. How much money do you need to deposit each month?
4. A student took out a simple interest loan for $2800 for two years at a rate of 6% to purchase a used car. Find the interest on the loan.
Use PMT = . Round to the nearest dollar. Suppose that you borrow $10,000 for four years at 7% toward the purchase of a car. Find the monthly payments and the total interest for the loan. A.$281; $13,488 B.$239; $1472 C.$624; $19,952 D.$239; $11,472
Suppose you'd like to save enough money to pay cash for your next car. The goal is to save an extra $25,000 over the next 5 years. What amount must be deposited quarterly into an account that earns 4.2% interest in order to reach your goal? Round your answer to the nearest cent, if necessary.
Suppose you'd like to save enough money to pay cash for your next car. The goal is to save an extra $21,000 over the next 3 years. What amount must be deposited quarterly into an account that earns 5.4% interest in order to reach your goal? Round your answer to the nearest cent, if necessary.
You want to lease a condominium. The lease costs P220,000 this year and it will increase by 5% a year. If the interest rate is 8% a year, what is the present worth of the leased condominium payments over seven years?
|4. The Booster Club raised $30,000 for a sports fund. No more money will be placed into the fund. The appreciation value of the fund is 5.25% per year. Determine the amount of money, to the nearest cent, that will be left in the sports fund after 4 years.
Your goal is to create a college fund for your child. Suppose you find a fund that offers an APR of 7%. How much should you deposit monthly to accumulate $88,000 in 15 years?

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4. To buy the school supplies for the coming school year, you get a summer job at a resort. Suppose you save P4 100.00 of your salary and deposit it into an account that earns simple interest. After 8 months, the balance is P 4, 263.00. What is the annual interest rate?