You have already saved $6750 to buy a used car. You invest this money in a certificate of deposit earning 0.70% APR compounded monthly. How many years will it take your account to reach your target of $7175 in order to buy the new car?
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- If you are saving the same amount each month in order to buy a new sports car when the new models are released, which of the following will help you determine the savings needed? 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 have already saved $6975 to buy a used car. You invest this money in a certificate of deposit earning 0.85% APR compounded monthly. How many years will it take your account to reach your target of $7375 in order to buy the new car? Your Answer: AnswerSuppose you want to save in order to purchase a new car. Take the APR to be 3.6%. If you deposit $250 each month, how much will you have towards the purchase of a car after 2 years?
- You take out a 6-year amortized loan to buy a new car. After making monthly payments of $242.30 for 4 years, you still owe $5309. If you decided to pay the loan off, how much will you save in interest?To save for a down payment on a home, you invest in an annuity that pays 7.0% annual interest, compounded annually. If you contribute $8,000 every year for 5 years, how much interest would you earn during the 5 years? Round your answer to the nearest cent.Do NOT round until you have calculated the final answer.You are planning to buy a new car/truck (of your dreams) 7 years’ time at a cost of $134,956. How much will you need to save each month to be able to buy the car with cash assuming an annual interest rate of 10%?
- You want to save money from your businessoperation to replace a truck that has been used indelivery. The truck will be replaced after 12 yearsfrom now and the replacement cost would be about$60,000. If you earn 5% interest on your savings,how much must you deposit at the end of each yearto meet the needs?You want to be able to withdraw $40,000 from your account each year for 25 years after you retire. If you expect to retire in 15 years and your account earns 6.6% interest while saving for retirement and 6.2% interest while retired:Round your answers to the nearest cent as needed.a) How much will you need to have when you retire?$b) How much will you need to deposit each month until retirement to achieve your retirement goals?$c) How much did you deposit into you retirement account?$d) How much did you receive in payments during retirement?$e) How much of the money you received was interest?$You have decided to purchase a new car that costs $44,500. You need to make a 20% down payment, then you will finance the rest with a loan. Your bank will extend you a car loan where the APR is 4.32% and you will make monthly payments over five years. What is the monthly payment on the vehicle? O $593.33 O $660.78 O $512.79 O $825.98
- you need $8,000 four years from now for a down payment on your future house. How much money must you deposit today if your credit union pays 5% interest compounded annually? Pick the closest answer.One year from now you will need a $1,000 deposit to rent a new apartment. You now have $927. *Round your answer to the three decimal places. Do not write %, write in decimals only. If you invest your $927 for one year, what is the lowest annual interest rate that will enable you to meet your goal?The Fergusons want to purchase their first home and need $14,300 for a down payment. They can save $1,025 per quarter. If they deposit this amount in an account paying 3% interest compounded quarterly, how long will it be before they can purchase a home? (Solution should be entered in years accurate to the hundredths decimal place)