Mathematics 105 - TVM Solver Worksheet 1 Name: For each of the following problem, identify all valuested on your calculator Place the word SOLVE in the blank for the variable for which you need to solve. Then give the answer in the open spice provided. (1) In order to accumulate enough money for a down payment on a car, Karl deposits $100 per month into an account paying 1.75% compounded monthly If payments are made at the end of each period, how much mory will be in the account in 18 months? How much interest will karl have earned? N 196 PV PMT FV /Y C/Y TOTAL AMOUNT: INTEREST EARNED: (2) You can afford monthly deposits of $85 into an account that pays 2.2% com- pounded monthly. How long will it be until you have $750 to buy the new computer you want? (Round to the next-higher month if not exact.) How much interest will you earn? N 156 PV = PMT = FV = P/Y = C/Y NUMBER OF MONTHS: INTEREST EARNED: (3) Lenders Anonymous recently offered 48-month auto loans at 3.1% compounded monthly to applicants with good credit ratings. If you have a good credit rat- ing and can afford monthly payments of $450, how much can you borrow from this lender? How much interest will you have paid during the life of the loan? N = 1% PV = PMT = FV = P/Y = C/Y = AMOUNT BORROWED: INTEREST PAID