Suppose you have $2,100 and plan to purchase a 10-year certificate of deposit (CD) that pays 13.1% interest, compounded annually. How much will you have when the CD matures?
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Suppose you have $2,100 and plan to purchase a 10-year certificate of deposit (CD) that pays 13.1% interest, compounded annually. How much will you have when the CD matures?
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- You want to invest $8,000 at an annual Interest rate of 8% that compounds annually for 12 years. Which table will help you determine the value of your account at the end of 12 years? A. future value of one dollar ($1) B. present value of one dollar ($1) C. future value of an ordinary annuity D. present value of an ordinary annuityYou will deposit $1500 per year for 15 years into an account that earns 4%. The first deposit will be made in 5 year from now. How much will be in the account when you finish the deposit?You will receive a cash payment of $6.4 in 4 years. If the relevant interest rate is 16.4%, how much is it worth today? Answer:
- You are depositing $10,000 in a 5 year CD that pays 4.5% interest each year. How much interest will you accrue if you hold the CD until maturity? Show work. (Yes, this is compounding interest).Suppose you take out a $117,000, 20-year mortgage loan to buy a condo. The interest rate on the loan is 5%. To keep things simple, we will assume you make payments on the loan annually at the end of each year. a. What is your annual payment on the loan? b. Construct a mortgage amortization. c. What fraction of your initial loan payment is interest? d. What fraction of your initial loan payment is amortization? e. What is the total of the loan amount paid off after 10 years (halfway through the life of the loan)? f. If the inflation rate is 3%, what is the real value of the first (year-end) payment? g. If the inflation rate is 3%, what is the real value of the last (year-end) payment? h. Now assume the inflation rate is 6% and the real interest rate on the loan is unchanged. What must be the new nominal interest rate? i-1. Recompute the amortization table. i-2. What is the real value of the first (year-end) payment in this high-inflation scenario? j. What is the real value of the last…Choose the appropriate formula type for answering the following question: Suppose you want to have $410,500 for retirement in 15 years. Your account earns 6.5% interest. How much would you need to deposit in the account each month? Annuity Compound Interest Loan/Payout Annuity
- You want to have GH¢ 50,000 in your savings account five years from now, and you’re prepared to make equal annual deposits into the account at the end of each year. If the account pays 9.5 percent interest, what amount must you deposit each year?You've been offered a loan of $20000, which you will have to repay in 5 equal annual payments of $6000, with the first payment due one year from now. What interest rate would you pay on that loan?Suppose you intend to purchase a house worth $239,900 with a 30-year fixed rate mortgage. You have a down payment of 15%. (a) How much are you planning to finance? (b) Find the monthly payment needed to amortize the loan, at a rate of 2.4% compounded monthly. (c) Approximately how much of the loan will remain after 12 years?
- If you need 6,000 5 years from now, how much of a deposit must you make in your savings account each year, assuming an 8 percent annual interest rate?Consider a $5,000 deposit earning 10 percent interest per year for ten years. What is the future value? how much total interest is earned on the original deposit? and how much is interest earned on interest?You need $24787 in 5 years. If you think you could earn an annual rate of 12.35%, what would be your required annual deposit to meet your goal? Answer: