How much will need to pay each month to have the debt paid

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Problem 1: If your parents deposited RM15,000 into an account for you when you were born as part of a college savings fund and that count is earning 10% annually, how much will you have in your college savings fund on your 18th birthday?

Problem 2: You have a long-term goal of paying off your school loans in five years. You will graduate with a loan debt of RM20,000 and an interest rate of 6%. How much will you need to pay each month to have the debt paid off in five years?

Problem 3: Christina plans to contribute RM1,200 a year to her niece's college education. Her niece will graduate from high school in 10 years. If the interest rate is 6%, how much money does Christina need to save for her by the time she graduates from high school?

Reference no: EM132604109

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