9. Mr. and Mrs. Nash planned to make 17 identical payments to fund the college four-year...

 

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9. Mr. and Mrs. Nash planned to make 17 identical payments to fund the college four-year education of their daughter, Susan. The estimated college expense is $30,000 per year. The annual interest rate over the next few decades will be 14 percent. a- Calculate the annual payment to be made by Mr. and Mrs. Nash. b- Alternatively, imagine that they planned to increase their payments at 4.5 percent per year. What would their first payment be? 9. Mr. and Mrs. Nash planned to make 17 identical payments to fund the college four-year education of their daughter, Susan. The estimated college expense is $30,000 per year. The annual interest rate over the next few decades will be 14 percent. a- Calculate the annual payment to be made by Mr. and Mrs. Nash. b- Alternatively, imagine that they planned to increase their payments at 4.5 percent per year. What would their first payment be?

Answer rating: 100% (QA)

a P A 1 1 r n P annual payment A total amount to be paid r annual interest rate n numb... View the full answer