Help with anyone of these would be great!
1. The future value of an annuity with payments of $300 at an annual interest rate of 6% for 12 years in which interest is compounded 4 times per year is ....?
2. Determine the present value of a 30-year loan with an annual interest rate of 6.5% with loan payments of $1856.82. Interest is charged 12 times per year.
3. Calculate the monthly loan payments needed to pay off a 3-year car loan of $4500 at the annual interest rate of 10.25%
Thank you so much!
1. The future value of an annuity with payments of $300 at an annual interest rate of 6% for 12 years in which interest is compounded 4 times per year is ....?
2. Determine the present value of a 30-year loan with an annual interest rate of 6.5% with loan payments of $1856.82. Interest is charged 12 times per year.
3. Calculate the monthly loan payments needed to pay off a 3-year car loan of $4500 at the annual interest rate of 10.25%
Thank you so much!
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FV = PMT[(1 + (r/n))^(nt) - 1] / (r/n)
FV = 300[(1 + .06/4)^(4 * 12) - 1] / (.06/4)
FV = 300 * (1.015^48 - 1) / .015
FV = 20869.565786259794564307350880943
FV = $20,869.57
where the annuity is deposited 4 times a year
PMT = PV(r/n) / [1 - (1 + (r/n))^(-nt)]
1856.82 = PV(.065/12) / [1 - (1 + .065/12)^(-12*30)]
293769.01393282876221733623395924 = PV
$293,769.01 = PV
PMT = 4500(.1025/12) / [1 - (1 + (.1025/12))^(-12*3)
PMT = 145.73109639748287519019721642665
PMT = $145.73
FV = 300[(1 + .06/4)^(4 * 12) - 1] / (.06/4)
FV = 300 * (1.015^48 - 1) / .015
FV = 20869.565786259794564307350880943
FV = $20,869.57
where the annuity is deposited 4 times a year
PMT = PV(r/n) / [1 - (1 + (r/n))^(-nt)]
1856.82 = PV(.065/12) / [1 - (1 + .065/12)^(-12*30)]
293769.01393282876221733623395924 = PV
$293,769.01 = PV
PMT = 4500(.1025/12) / [1 - (1 + (.1025/12))^(-12*3)
PMT = 145.73109639748287519019721642665
PMT = $145.73