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 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 valueYou 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 $5,614.60Multi Step Applications Solve the following problems. Round your results to the nearest cent as needed. You want to be able to withdraw $1, 500 from your account each month for 20 years after you retire from an account earning 2.25 % interest compounded monthly. How much will need in your retirement account at the beginning of your retirement? In order to achieve this goal, you will make monthly payments and earn 6.75 % interest compounded monthly. If you expect to retire in 15 years, how much should your monthly payments be to reach this goal? TVM Calculator Question Help: D Video e Written Example Submit Question
- You plan to start saving now for a downpayment for a house in your RRSP. You deposit $750 every month. starting next month, for 7 years at an average interest rate of 6%/a compounded monthly. How much money will you have in your RRSP for your down payment in 7 years? Your Answer:Suppose you start saving today for a $50,000 down payment that you plan to make on a house in 5 years. Assume that you make no deposits into the account after the initial deposit. For the account described below, how much would you have to deposit now to reach your $50,000 goal in 5 years. An account with daily compounding and an APR of 6% You should invest $ (Do not round until the final answer. Then round to two decimal places as needed.)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 save for a down payment on a new home in the future. You can invest $225 at the end of each month, and you expect to earn 6% APR compounded monthly on your investment. How much will you be able to have saved in 5 years? Your Answer: AnswerPlease answer the following problem with full working: You wish to purchase a home for $500,000. You will make payments of $30,000 at the end of every year for 30 years. The current rate of interest is 6.5% convertibly quarterly. Find the down payment that will be necessary.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?$e) How much of the money you received was interest?$