What is the amount of interest paid in month 2

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Reference no: EM131962921

John wants to know the future value of $6, 490 received today and deposited for five years in an account which pays interest at 13% and is compounded semiannually. Use your financial calculator for this problem and round to the nearest whole dollar.

Eric borrowed $22, 500 to purchase a new car. The loan is a 5 year, 8% loan with monthly payments. What is the amount of interest paid in month 2? Use your financial calculator for this problem and round all numbers to the nearest whole dollar.

Rajan borrows $6, 930 from the bank. The loan is a four-year loan and requires annual end-of-year payments of $2, 281.86. What is the interest rate of the loan? Use your calculator and round to the nearest xx.xx percent.

Collette wants to retire 30 years front now with enough money that she can take out $2, 500 at the beginning of each month for 20 years. If Collette can earn 10% on her money before retirement, and 5% on her money after retirement, how much must she save at the end of each month before retirement in order to have enough money for her desired retirement fund? Use your financial calculator and round to the nearest whole dollars.

Reference no: EM131962921

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