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How much would have had to deposit

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Reference no: EM132958126

Problem 1: Walt can afford monthly car payments of $175 for five years, starting one month from now. The interest rate is 4.9 percent, compounded monthly. How much can he afford to borrow to buy a car?

A. $6,961.36

B. $8,499.13

C. $8,533.8

D. $9,333.88

E. $9,295.92

Problem 2: Rodget's is saving for an expansion project and has decided to save $2,500 a month, starting today and continuing for four years. The firm expects to earn 7.9 percent, compounded monthly. If the company had wanted to deposit an equivalent lump sum today, how much would it have had to deposit?

A. $104,964.59

B. $102,601.95

C. $105,330.60

D. $103,277.41

E. $101,998.01

Reference no: EM132958126

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