Q/ Suppose $10 is deposited into a savings account at the end of each month for 15 years. If the account earns 9% interest compounded monthly, what is the balance of the account at the end of the 15 years?

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Q/ Joe secured a loan of $12,000 3 years ago from a bank for use toward his college expenses. The bank charged interest at a rate of 4%/year compounded monthly on his loan. Now that he has graduated from college, Joe is beginning the process of repaying this loan. Find the size of the monthly payments Joe must make to amortize the lean through monthly payments over 10 years at the same interest rate

What is Diane's current outstanding principle on her mortgage?

c) If Diane decides to refinance her property by securing a 30-year home mortgage loan in the amount of the current outstanding principle at the rate of 4.5%/year, what will her new monthly mortgage payment be?

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7. Linda joined a Christmas Fund Club at her bank. At the end of each month she deposits $40 in her fund. How much will she have at the end of one full year, if the money earns 5% per year compounded monthly?

Answer rating: 100% (QA)

Lets address each question 1 Savings Account Balance We can use the formula for the future value of ... View the full answer