Lorie Reilly decides to go back to college. For transportation, she borrows money from her parents to buy a small car for $7,200. She plans to repay the loan in 7 months. What amount can she deposit today at 5.25% to have enough to pay off the loan?
Answer to relevant QuestionsFind the compount amount for each of the following deposits: $15,000 at 4.6% compounded semiannually for 11 years.Find the present value of the following future amounts: If money can be invested at 6% compounded annually, which is larger, $10,000 now or $15,000 in 6 years? Use present value to decide.You are preparing to make monthly payments of $72, beginning at the end of this month, into an account that pays 6 percent interest compounded monthly. How many payments will you have made when your account balance reaches ...May be pay Life Insurance Company is selling a annuity contract for $70,000. The contract will make monthly payments of $350 for the next 35 years.What is the monthly interest rate on this contract?What is the APR?What is ...a.) Develop a scatter diagram with price as the independent variable.b.) An exercise equipment store that sells primarily higher priced equipment has a sign over the display area that says “Quality: You get what you pay ...
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