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Financial Formulas

=principal + principal*rate*years

=FV(rate, nper, pmt, [pv], [type])

=PV(rate, nper, pmt, [fv], [type])

=principal*EXP(rate*years)

=EFFECT(nominal rate, periods per year)

=PMT(rate, nper, pv, [fv], [type])

a. How much will you have in 20 years if you invest $3000 now with an APR of 4% and it is compounded monthly?

b. A friend lends you $600 for 2 years at 4% simple interest per year. How much will you pay them back at the end of the loan?

c. How much would you need to deposit now in order to have $100,000 in 25 years at 10.5% compounded monthly?