Reference no: EM132164817

Questions -

You need to have $250,000 to pay for your rental property in 15 years. How much do you need to deposit today in a bank that pays 5% interest, compounded annually, in order to achieve your goal?

What is the accumulated sum of $650 a year for the next 8 years compounded annually at 4.5%?

What is the present value of $150 a year for 5 years discounted back to the present at 4%?

Tara purchased a car for $24,000. She put nothing down and agreed to pay the rest over the next years in 15 equal end-of-year payments, plus 3.8% compound interest on the unpaid balance. What will these equal payments be?

Michael purchased a car for $31,000. He put nothing down and agreed to pay the rest over the next years in 20 equal end-of-year payments, plus 4.3% compound interest on the unpaid balance. How much interest will he have paid after 20 years?

Shannon purchased a boat for $35,000, putting down 15%. She has agreed to pay the remaining balance over the next 12 years in 12 equal end-of-year payments, plus 9% compound interest on the unpaid balance. What will the equal payments be?