Question: I need a quick solution for this math. Please be accurate : 1. While buying a new car, Crystal made a down payment of $1,000
I need a quick solution for this math. Please be accurate :
1. While buying a new car, Crystal made a down payment of $1,000 and agreed to make month-end payments of $240 for the next 4 years and 5 months. She was charged an interest rate of 2% compounded semi-annually for the entire term.
- What was the purchase price of the car?
- What was the total amount of interest paid over the term?
2. Bright Inc. will be receiving $5,300 at the end of every month for the next 2 years. If these payments were directly invested into a fund earning 6.00% compounded semi-annually, what would be the future value of the fund at the end of 2 years?
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