Instructions

Question 1 A has 1 and 2 Question 1 B has 1 and 2. Question 2 A has one question Question 2 B has 1, 2, 3

Question 1

Compound Interest and Savings Annuities

Use the information in the chart below on the line that corresponds to your assigned number, to answer the following questions. Be sure to show all the steps you took to reach your answers.

1. You open a savings account that pays compound interest.
   1. Find the total amount (a/k/a future value) in the compound interest account after five years, assuming no withdrawals are made.
   2. How much of this total amount is interest?
2. Instead of a compound interest savings account, you set up a savings annuity at the same rate as the compound saving account.
   1. How much will be in the account after five years.
   2. How much of this total in the account is interest?

Assigned #	Total Amount Invested in compound interest account	Annual Interest Rate	# times interest is compounded	Amount paid into savings annuity account every month for five years
1.	3000	2.3%	Monthly	50
2.	2400	3.5%	Monthly	40
3.	3600	4.6%	Monthly	60
4.	1200	2.7%	Monthly	20
5.	1800	3.1%	Monthly	30
6.	4200	4.8%	Monthly	70
7.	4800	2.2%	Monthly	80
8.	5400	3.3%	Monthly	90
9.	6000	4.4%	Monthly	100
10.	1500	2.9%	Monthly	25
11.	2100	3.2%	Monthly	35
12.	2700	4.2%	Monthly	45
13.	3300	3.5%	Monthly	55
14.	3900	4.6%	Monthly	65
15.	4500	2.7%	Monthly	75
16.	5100	3.1%	Monthly	85
17.	5700	4.8%	Monthly	95
18.	6300	2.2%	Monthly	105
19.	6000	3.3%	Monthly	100
20.	6600	4.4%	Monthly	110
21.	7200	2.9%	Monthly	120
22.	7800	3.2%	Monthly	130
23.	8400	4.2%	Monthly	140
24.	9000	2.3%	Monthly	150
25.	9600	3.5%	Monthly	160
26.	10200	4.6%	Monthly	170
27.	10800	2.7%	Monthly	180
28.	11400	3.1%	Monthly	190
29.	12000	4.8%	Monthly	200
30.	5400	2.2%	Monthly	90
31.	4800	3.3%	Monthly	80
32.	4200	4.4%	Monthly	70
33.	3600	2.9%	Monthly	60
34.	3000	3.2%	Monthly	50
35.	2400	2.7%	Monthly	40
36.	1800	1.8%	Monthly	30

Instructions

Question 2

Mortgage Monthly Payment and Total Interest

Use the information in the chart below on the line that corresponds to your assigned number, to answer the following questions. Be sure to show all the steps you took to reach your answers.

1. What will your monthly mortgage payment be? Do not round any intermediate computations. Round your final answer to the nearest cents.
2. Assuming you take the full term of the mortgage,
   1. how much will you have paid?
   2. how much total interest will you have paid?
   3. what percent of the total that you paid was interest?

Assigned #	Price of the House	Mortgage Interest Rate	Term of Mortgage in years
1	300,000	5.2%	30
2	340,000	5.4%	20
3	360,000	5.6%	15
4	380,000	5.8%	30
5	400,000	6.1%	20
6	430,000	6.3%	15
7	470,000	6.5%	30
8	490,000	6.7%	20
9	300,000	5.6%	15
10	340,000	5.8%	30
11	360,000	5.2%	20
12	380,000	5.4%	15
13	400,000	5.6%	30
14	430,000	5.8%	20
15	470,000	6.1%	15
16	490,000	6.3%	30
17	300,000	6.5%	20
18	340,000	6.7%	15
19	360,000	5.2%	30
20	380,000	5.4%	20
21	400,000	5.6%	15
22	430,000	5.8%	30
23	470,000	6.5%	20
24	490,000	6.7%	15
25	300,000	6.1%	30
26	340,000	6.3%	20
27	360,000	6.5%	15
28	380,000	6.7%	30
29	400,000	5.2%	20
30	430,000	5.4%	15
31	470,000	5.6%	30
32	490,000	5.8%	20
33	340,000	6.1%	15
34	360,000	6.3%	30
35	350,000	5.3%	30
36	300,000	6.1%	15