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- Assume, you want to get $1,000 after 5 years. How much equal amount of money do you need to deposit in an account that earns 12% annual interest to get that money? Check you answer with interest table.How much will a bank deposit of $2,000 that pays 10% compound interest be worth at the end of 3 years?2. A savings bank offered you 6% nominal interest compounded every 2 months. You deposited $4,000. a) How much money will you get back after 5 years? b) What is the effective interest rate?
- Interest rate... How much do you need to deposit in an account today in order to have $11,000 in the account in 6 years? Assume the account earns 9% interest compounded monthly.b. How much would you expect to pay per month on a $20,000 auto loan if you pay the loan back for 48 month and pay 10% interest?1) You have a goal of saving $1500 over 6 years. Assuming bank interest rates are 5%, What annual deposit amount must be saved
- You want to buy an apartment at the price of 4 million Hong Kong dollars. You will do this with a mortgage from a bank at the annual interest rate 8% for 30 years. What is your annual payment? Draw a cash flow diagram.2. A loan of $25,000 was repaid at the end of 9 months with $28,500. What annual rate of interest wascharged?3. If an investment company pays 16% compounded quarterly, how much should you deposit to have $5,000two years from now?1. What interest rate compounded monthly is equivalent to 10% effective rate?
- 4. How long will it take money to quadruple if it earns 7% compounded semi-annually?1. You borrow $20,000 from a family member and agree to pay it back in 6 months. Because you are part of the family, you are only being charged simple interest at the rate of 0.5% per month. How much will you owe after 6 months? How much is the interest?You can afford a $800 per month mortgage payment. You've found a 30 year loan at 7% interest. a) How big of a loan can you afford? b) How much total money will you pay the loan company? c) How much of that money is interest?