You plan to go to Ireland in 3 years. You anticipate that you will need $12,000 for expenses (travel, lodging, food, etc.). An account at your local bank pays 4.46% per year compounded monthly. How much should you deposit each month in this account to achieve your goal?
A. Identify the type of problem
B. State the answer to the question
3&4. New Body, a gym, bought new exercise equipment on credit. The purchase price was $10,438.88. They secure the loan with a financing company that charges 6.25%per year compounded quarterly for 6 years.How much are their quarterly payments?
A. Identify the type of problem
B. State the answer to the question