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How long will it take to pay off a loan of $51,000 at an annual rate of 9 percent compounded monthly if you make monthly payments of $750? Use five decimal places for the monthly percentage rate in your calculations.
The number of years it takes to pay off the loan is ____ years. (Round to one decimal place.)
To pay for your child’s education, you wish to have accumulated $13,000 at the end of 8 years. To do this, you plan to deposit an equal amount into the bank at the end of each year. If the bank is willing to pay 15 percent compounded annually, how much must you deposit each year to obtain your goal?
The amount of money you must deposit each year in order to obtain your goal is $____. (Round to the nearest cent.)
(Annuity payments) Mr. Bill S. Preston, Esq., purchased a new house for 60,000. He paid 25,000 upfront and agreed to pay the rest over the next 20 years in 20 equal annual payments that include principal payments plus 8 percent compound interest on the unpaid balance. What will these equal payments be?
a. Mr. Bill S. Preston, Esq., purchased a new house for 60,000 and paid $25,000 upfront. How much does he need to borrow to purchase the house?
$____(Round to the nearest dollar.)
(Future value of an ordinary annuity) You are graduating from college at the end of this semester and after reading the The Business of Life box in this chapter, you have decided to invest $5,400 at the end of each year into a Roth IRA for the next 44 years. If you earn 9 percent compounded annually on your investment, how much will you have when you retire in 44 years? How much will you have if you wait 10 years before beginning to save and only make 34 payments into your retirement account?
How much will you have when you retire in 44 years?
$____ (Round to the nearest cent.)
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