Question: You re prepared to make monthly payments of 350 beginning
You’re prepared to make monthly payments of $ 350, beginning at the end of this month, into an account that pays 10 percent interest compounded monthly. How many payments will you have made when your account balance reaches $ 35,000?
Answer to relevant QuestionsYou want to borrow $ 65,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $ 1,320, but no more. Assuming monthly compounding, what is the highest APR you can afford on a 60-month loan?You are saving for the college education of your two children. They are two years apart in age; one will begin college 15 years from today and the other will begin 17 years from today. You estimate your children’s college ...An insurance company is offering a new policy to its customers. Typically the policy is bought by a parent or grandparent for a child at the child’s birth. The details of the policy are as follows: The purchaser (say, the ...In October 2010, BMW announced plans to spend $ 1 billion to expand production at its plant in South Carolina. The plant produced the second generation BMW X3 as well as the company’s X5 and X6 models. BMW apparently felt ...Stone Sour, Inc., has a project with the following cash flows: Year Cash Flows ($)0 ......... -$ 20,0001 ......... 8,5002 ......... 10,2003 ......... 6,200The company evaluates all projects by applying ...
Post your question