Percentages, tmv calculations, financial calculations, loans, mortgages, and finding amounts.
Suppose you invest $2600 in an account with an annual interest rate 6% compounded monthly (0.5% each month). At the end of each month, you deposit $125 into the account.
Use this information to complete the table below. Round to the nearest cent as needed.
Month
Prior Balance
0.5% Interest
on Prior Balance
Monthly Deposit
Ending Balance
1
S2600
2
S2600
$
$125
$
3
$
$
$125
S2876.69
4
$2876.69
S
$125
$
5
$
$15.08
$125
$
You want to be able to withdraw $25,000 from your account each year for 25 years after you retire.
You expect to retire in 15 years.
If your account earns 10% interest, how much will you need to deposit each year until retirement to achieve your retirement goals?
Round your answer to the nearest cent.
Suppose you borrow $4900 at a 15% annual interest rate, compounded monthly (1.25% each month). At the end of each month, you make a $125 payment.
Use this information to complete the table below. Round to the nearest cent as needed.
Month
Prior Balance
1.25% Interest
on Prior Balance
Monthly Payment
Ending Balance
0
$4900
1
$4900
$
S125
$
2
$
S
S125
$4771.7
3
$4771.7
S
$125
$
4
$
$58.83
S125
$
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