Math Questions. correct answers only

Anonymous
timer Asked: Feb 5th, 2019
account_balance_wallet $10

Question Description

11 Math Questions- Please answer all math questions correctly

1. You deposit $100 each month into an account earning 3% interest compounded monthly. a) How much will you have in the account in 35 years? $ b) How much total money will you put into the account? $ c) How much total interest will you earn? $ 2. You deposit $2000 each year into an account earning 8% interest compounded annually. How much will you have in the account in 20 years? $ 3. Suppose you want to have $400,000 for retirement in 20 years. Your account earns 9% interest. a) How much would you need to deposit in the account each month? $ b) How much interest will you earn? $ 4. You have $300,000 saved for retirement. Your account earns 8% interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 25 years? $ 5. You want to be able to withdraw $30,000 each year for 15 years. Your account earns 5% interest. a) How much do you need in your account at the beginning? $ b) How much total money will you pull out of the account? $ c) How much of that money is interest? $ 6. You want to buy a $22,000 car. The company is offering a 4% interest rate for 36 months (3 years). What will your monthly payments be? $ 7. Suppose you want to have $700,000 for retirement in 20 years. Your account earns 5% interest. How much would you need to deposit in the account each month? $ 8. You have $3,500 on a credit card that charges a 15% interest rate. If you want to pay off the credit card in 3 years, how much will you need to pay each month (assuming you don't charge anything new to the card)? $ each month 9. You want to buy a $242,000 home. You plan to pay 10% as a down payment, and take out a 30 year loan for the rest. a) How much is the loan amount going to be? $ b) What will your monthly payments be if the interest rate is 6%? $ c) What will your monthly payments be if the interest rate is 7%? $ 10. You can afford a $1100 per month mortgage payment. You've found a 30 year loan at 8% interest. a) How big of a loan can you afford? $ b) How much total money will you pay the loan company? $ c) How much of that money is interest? $ You can afford a $1100 per month mortgage payment. You've found a 30 year loan at 8% interest. a) How big of a loan can you afford? $ b) How much total money will you pay the loan company? $ c) How much of that money is interest? $ 11. Find the time required for an investment of 5000 dollars to grow to 8800 dollars at an interest rate of 7.5 percent per year, compounded quarterly. Round your answer to two decimal places Your answer is t=t= years.

Tutor Answer

Jpmwriters
School: Purdue University

Attached.

1. You deposit $100 each month into an account earning 3% interest compounded
monthly.

a) How much will you have in the account in 35 years?
$

74342

b) How much total money will you put into the account?
$

42000

c) How much total interest will you earn?
$

32342

2. You deposit $2000 each year into an account earning 8% interest compounded
annually. How much will you have in the account in 20 years?

$

98,846

3. Suppose you want to have $400,000 for retirement in 20 years. Your account...

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Review

Anonymous
Excellent job

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