I need help solving these problems or providing a formula for each would help.
[From: ] [author: ] [Date: 13-01-21] [Hit: ]
13. A school realizes that they need a new copy machine for their main office. The copy machine costs $5,500. After speaking with the financial advisor, they decide to pay 20% of the cost of the machine in cash and finance the rest through their credit union.......
b) $1,061.66
c) $1,081.66
d) $1,071.66
e) $1,031.66
f) None of the above.
13. A school realizes that they need a new copy machine for their main office. The copy machine costs $5,500. After speaking with the financial advisor, they decide to pay 20% of the cost of the machine in cash and finance the rest through their credit union. How much is their monthly payment if the credit union will charge 4% per year compounded monthly for 3 years?
a) $37.77
b) $27.77
c) $131.02
d) $109.91
e) $129.91
f) None of the above.
14. The Flores Family loves to go sailing on the weekends. Mr. Flores has decided to purchase a more spacious sailboat. The sailboat he is interested in buying in 4 years will cost him $25,000. An account at Invest Well Bank earns 2% per year compounded monthly. How much should Mr. Flores deposit in this account at the beginning of each month to be able to pay cash for the sailboat in 4 years?
a) $467.33
b) $534.09
c) $500.71
d) $607.48
e) $510.71
f) None of the above.
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1).
Luke invested $110 at 5% simple interest for a period of 6 years.
How much will his investment be worth after 6 years?
b) $143.00
2).
Mr. Smith wishes to retire in 11 years.
When he retires he would like to have $500,000 in his bank account.
Mr. Smith's bank pays 6% per year compounded annually.
How much should he deposit now to attain his goal?
c) $263,393.76
3).
A grandmother deposited $1,000 in an account
that pays 6% per year compounded annually
when her granddaughter was born.
What will the value of the account be
when the granddaughter reaches her 17th birthday?
1000(1.06)^17
b) $2,692.77
4).
Jack and Tracy would like to have $10,000 for a down payment on a new condo.
A savings account at their local credit union will pay 2% per year compounded monthly.
How much should they deposit now in this account to have the down payment in 3 years?
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