Question: You want to buy a new car 3 years from now and you plan to save $3,500 per year, beginning one year from today. You

 You want to buy a new car 3 years from now

You want to buy a new car 3 years from now and you plan to save $3,500 per year, beginning one year from today. You will deposit your savings in an account that pays 3% interest. How much will you have just after you make the 3rd deposit, 3 years from now? (enter your answer as a number with two decimals i.e. 41.25) QUESTION 15 Kyle wants to have $22,000 in an investment account 4 years from now. The account will pay 0.2 percent interest per month. If he saves money every month, starting one month from now, how much will he have to save each month to reach his goal? (enter your answer as a number with two decimalsie. 41.25) QUESTION 16 The Rock Insurance Co will pay you $2,500 a year for 20 years in exchange for $30,000 today. What interest rate will you eam on this annuity? (enter your answer as a percentage with two decimal points Le 15:33 don't include the wymbol) QUESTION 17 Hayden can afford car payments of S235 a month. The dealer will finance a car that costs $16,000 at 5.75 percent interest per year, How long (in months) will it take her to cancel this loan if she makes monthly payments of S235 besioning. Immediately? Center your answer as a number with two decimals le 41.25) QUESTION 18 You want to quit your job and go back to school for a law degree 4 years from now, and you learn to save $4,200 per year, beginning immediately. You will make 4 deposits in an account that pays 8.5% interest. Under these assumptions, how much will you have 4 years from today?(enter your answer as a number with two decimals i.e. 41.25)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!