question archive 1) You would like to have $700,000 when you retire in 35 years
1) You would like to have $700,000 when you retire in 35 years
Subject:MathPrice: Bought3
1) You would like to have $700,000 when you retire in 35 years. How much should you invest each quarter if you can earn a rate of 4.3% compounded quarterly?
a) How much should you deposit each quarter?
b) How much total money will you put into the account?
c) How much total interest will you earn?
2 )You want to buy a $212,000 home. You plan to pay 5% as a down payment, and take out a 30 year loan for the rest. Consider each question below and round each answer to the nearest cent.
a How much is the loan amount going to be?
b What will your monthly payments be if the interest rate is 5%?
c What will your monthly payments be if the interest rate is 6%?
3) You can afford a $400 per month car payment. You've found a 3 year loan at 5% interest. How big of a loan can you afford?
4) If you want to buy a car, and you can afford a monthly payment of $250, how large of a loan can you get at 6.35% interest over 72 months(6 years)?
5 ) Riley is going to finance new office equipment at a 1% rate over a 2.5 year term. If she can afford monthly payments of $100, how much can she pay for the new office equipment?
