Using math to figure out loans, payments and finance questions with percentages,tmv calculator ect. There are 5 questions all in pictures below. Thank you!
Suppose you invest $150 a month for 6 years into an account earning 9% compounded monthly. After 6 years, you leave the money, without making additional deposits, in the account for another 28 years.
How much will you have in the end?
S
Suppose instead you didn’t invest anything for the first 6 years, then deposited $150 a month for 28 years into an account earning 9% compounded monthly. How much will you have in the end?
S
You want to be able to withdraw $40,000 from your account each year for 25 years after you retire.
You expect to retire in 30 years.
If your account earns 5% interest, how much will you need to deposit each year until retirement to achieve your retirement goals?
S
Round your answer to the nearest cent.
You want to be able to withdraw $20,000 each year for 20 years. Your account earns 6% interest.
a) How much do you need in your account at the beginning?
S
b) How much total money will you pull out of the account?
S
c) How much of that money is interest?
S
You want to take out a $190,000 mortgage (home loan). The interest rate on the loan is 5.8%, and the loan is for 30 years. Your monthly payments are $1,114.83.
How much will still be owed after making payments for 5 years? $
How much will still be owed after making payments for 20 years? $
How much will still be owed after making payments for 25 years? $
Round your answers to the nearest dollar
You want to buy a $24,000 car. You can make a 10% down payment, and will finance the balance with a 5% interest rate for 48 months (4 years). What will your monthly payments be?
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