ord File Edt View Insert Format Tools Table Window Help Ross 12e PPT FIN 301 Test 1 Homework e Insert Draw Design Layout References Mailings ReviewView e Share Vacations? 1 year- 218,000 2year 224,000;3 year 238,000 218,000/(1+r)1+224,000/(1+r2+238,000 (1+r)3 218,000 (1.145)+ 224,000/1.311025+238,000/1.50112362 190,393.01+ 170,858.68+ 158,547.90 519,799.59 5. You just obtained a lo of $27,800 with monthly payments for five years at 6.35 percent per year, compounded monthly. What is the amount of each payment? 6. The Rodriquez family is determined to purchase a $250,000 home without incurring any debt. The family plans to save $2,500 a quarter for this purpose and expects to earn 6.65 percent, compounded quarterly. How long will it be until the family can purchase a home? 7. You have been investing $278 a month for the iast 6 years. Today, your investment account is compounding Focus Engish (United States) 976 words Page 4 of lide 23 of 25 English (United States) 20 4 3