It is May 1. You have just bought $1,700 worth of furniture. You will pay for...

 

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It is May 1. You have just bought $1,700 worth of furniture. You will pay for it in 24 equal monthly payments, starting at the end of May next year. Interest is 8% nominal per year, compounded monthly. How much will your payment be? (Round your answer [4/4] to the nearest cent eg. XX.XX) $ Number Rinku has just finished her first year of university. She wants to tour Europe when she graduates in 3 years. By having a part- time job through the school year and a summer job during the summer, she plans to make regualr weekly deposits into a savings account, which bears 19% interest, compounded monthly (Assume there are four weeks in every month for this question). (a) If Rinku deposits $13 per week, how much will she save in 3 years (Round your answer to the nearest cent eg. X.XX)? $ Number [2/7] (b) If Rinku deposits $18 per week, how much will she save in 3 years (Round your answer to the nearest cent eg. X.XX)? $ Number [2/7] (c) Exactly how much does Rinku need to deposit every week if she want to save $5,800 in 3 years (Round your answer to the nearest cent eg. X.XX) $ Number [3/7] It is May 1. You have just bought $1,700 worth of furniture. You will pay for it in 24 equal monthly payments, starting at the end of May next year. Interest is 8% nominal per year, compounded monthly. How much will your payment be? (Round your answer [4/4] to the nearest cent eg. XX.XX) $ Number Rinku has just finished her first year of university. She wants to tour Europe when she graduates in 3 years. By having a part- time job through the school year and a summer job during the summer, she plans to make regualr weekly deposits into a savings account, which bears 19% interest, compounded monthly (Assume there are four weeks in every month for this question). (a) If Rinku deposits $13 per week, how much will she save in 3 years (Round your answer to the nearest cent eg. X.XX)? $ Number [2/7] (b) If Rinku deposits $18 per week, how much will she save in 3 years (Round your answer to the nearest cent eg. X.XX)? $ Number [2/7] (c) Exactly how much does Rinku need to deposit every week if she want to save $5,800 in 3 years (Round your answer to the nearest cent eg. X.XX) $ Number [3/7]

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a If Rinku deposits 13 per week she will save 473479 in 3 years b If Rinku deposit... View the full answer