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How much money should be invested in an account

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Q1. Chuong Ngo borrows $2800 from a bank that advertises a 8% simple interest rate and repays the loan in four equal monthly payments. Estimate the APR. Round to the nearest tenth of a percent. Use the Approximate Annual Percentage Rate Formula.

Q2. A mutual fund has total assets of $15 million and total liabilities of $1 million. There are 2 million shares outstanding. You invest $7000 in this fund. How many shares are you purchasing?

Q3. You deposit $750 in an account paying 7.3% simple interest. Find the future value of the investment after 3 years.

Q4. A bond has a $14,000 face value, a 6-year maturity, and a 3.05% coupon. Find the total of the interest payments paid to the bondholder.

Q5. A mutual fund has total assets of $35,000,000 and total liabilities of $3,000,000. There are 1,300,000 shares outstanding. Find the net asset value of the mutual fund.

Q6. You have saved $14,000 for a down payment on a house. Your bank requires a minimum down payment of 11%. What is the maximum price you can offer for a home in order to have enough money for the down payment?

Q7. The purchase price of a condominium is $122,000. A down payment of 21% is made. The bank charges $715 in fees plus 4 points. Find the total of the down payment and the closing costs. (Round your answer to the nearest cent.)

Q8. Suppose you obtain a 25-year mortgage loan of $192,000 at an annual interest rate of 7.9%. The annual property tax bill is $966 and the annual fire insurance premium is $485. Find the total monthly payment for the mortgage, property tax, and fire insurance. (Round your answer to the nearest cent.)

Q9. How much money should be invested in an account that earns 6% interest, compounded monthly, in order to have $15,000 in 5 years? (Round your answer to two decimal places.)

Reference no: EM133187124

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