You are to make monthly deposits of $1000 into a retirement account that pays 9 percent compounded monthly. If your first deposit will be made one month from now, how large will your retirement account be in 15 years?
You expect to graduate with $17200 in student loans. The interest rate on your loan is 5.8 percent compounded monthly and the loan calls for fixed monthly payments. If you repay the loan in 29 years how much are you paying in total interest over the life of the loan?
You are excited to buy your first house. Based on your credit history, the bank is willing to lend you money at 8 percent interest compounded monthly. You can afford monthly payments of $950. How much can you afford to borrow? Assume the mortgage is for 19 years.
You currently have $200000 in a bank account that pays you 5 percent interest annually. You plan to deposit $800 every year for the next 10 years in the same account. How much are you going to have in that account at the end of 10 years?
You currently have $20000 in a bank account that pays you 5 percent interest annually. You plan to withdraw $800 every year for the next 10 years in the same account. How much are you going to have in that account at the end of 10 years?
You currently have $39471 in an account that pays 5 percent interest. You plan to deposit in this account $3581 at the end of each year until the account reaches $124578. How long would that take?