they have something to do with investing money and findong the accumulated balance after a couple of years.. i missed that day of school but my friend said that it was easy with one of those T-I 83 calculators but i dont have one..
1.Suppose you want your son’s college fund to contain $145,000 after 15 years. If you can get an APR of 9.3%, compounded monthly, how much should you deposit at the end of each month.
2.Suppose you have 18 months in which to save $3,100 for a vacation cruise. If you can earn an APR of 4.3%, compounded monthly, how much should you deposit at the end of each month.
3.Calculate the monthly payment for a home mortgage of $234,000 with a fixed APR of 7.3% for 15 years compounded monthly.
4.You take out an auto loan for $9400 over a period of 6 years at an APR of 8%. Determine your monthly payments. (compounded monthly)
5. You take out an auto loan for $9400 over a period of 5 years at an APR of 8%. Determine your monthly payments. (compounded monthly)
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you should get one.
1 $372.93
2 $123.93
3 $2142.70
4 $164.81
5 $190.60