Reference no: EM131102914
Classify the finance problem and solve it. Show all work:
1. Suppose you have $2000 to invest. Bank A pays 7% compounded weekly, while Bank B pays 8.5% compounded monthly. Which bank will you use for your investment?
2. If Maria invests $5,000 at 3% compounded monthly, what will the final amount be in 8 years?
3. Bill borrowed $6,000 at a discount rate of 5%. Find the proceeds if the length of the loan is 270 days.
4. Suppose you can save $250 for your retirement every month starting with July 2016. If the interest rate is 7.5% compounded quarterly, how much will you have on your account at the time you retire. (Please select your own date for retirement)
5. If $6500 is invested at 5% compounded continuously, what will the future value be in seven years?
6. Ann has donated $1,000 to her favorite radio station. Cathrine would like to donate an equivalent amount, but she does not have the full amount available. She would like to pay every month over a year period. If the interest rate is 2.5%, what will be her monthly payments?
7. If a bank pays 8.25% compounded quartely, what is the effective interest rate?
8. ABC Auto Sales offers you a car for $1000 down and $94 per month for 5 years. The interest rate is 5.4%. If you instead pay cash for this car how much will you pay?
9. How much should be invested in an account paying 4.8% compounded daily for it to accumulate to $9,000 in four years?
10. If an amount is invested at 7%, estimate how long will it take to double.
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: Ann has donated $1,000 to her favorite radio station. Cathrine would like to donate an equivalent amount, but she does not have the full amount available. She would like to pay every month over a year period. If the interest rate is 2.5%, what wil..
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