Question: WEEK THREE 1. (Nonannual compounding using a calculator) Jesse Pinkman is thinking about trading cars. He estimates he will still have to borrow $29,000 to

WEEK THREE

1. (Nonannual compounding using a calculator) Jesse Pinkman is thinking about trading cars. He estimates he will still have to borrow $29,000 to pay for his new car. How large will Jesse's monthly car loan payment be if he can get a 7-year (84 equal monthly payments) car loan from the university's credit union at an APR of 5.3 percent compounded monthly?

Jesse's monthly car loan payment will be (Round to the nearest cent.) ANSWER:

2. (Compound annuity) You plan on buying some property in Florida 7 years from today. To do this you estimate that you will need $45,000 at that time for the purchase. You would like to accumulate these funds by making equal annual deposits in your savings account, which pays 8 percent annually. If you make your first deposit at the end of this year, and you would like your account to reach $45,000 when the final deposit is made, what will be the amount of your deposits?

The amount of your end-of-year deposits will be $ (Round to the nearest cent.) ANSWER:

PLEASE ANSWER EACH QUESTION CORRECTLY AND FULLY!!!

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