Mathematics Assignment | Custom Assignment Help
1. How much would you have at age 65 if you deposit $2,500 at the end of each year in an account paying 9% annually starting at: (A) age 45? (B) age 21? 2. The Frontier family wants to buy a sport ut (SUV). They decide on a 4-wheel drive Jeep Grand Cherokee. The purchase price with tax of the vehicle is $34,875. The Frontiers have $3,500 as a down payment. Jeep offers the choice of two incentives on the 4-door Grand Cherokee.
OPTION 1: 0% APR Financing for 72 months, OPTION 2: $5,000 rebate which would be applied toward the purchase price. If the Frontiers elect to take option 2, they can get 3.49% APR financing for 72 months. In either case they intend to use their $3500 for a down payment Option 1 Option 2 Question: What are the monthly payments for each option? Which incentive would give the Frontiers the lowest monthly payment? 3. What is future value of 15,000 invested at 10% interest, compounded annually, at the end of 30 years? 4. You want to have $400,000 when you retire in 40 years. You have a lot of cash because you could invest at 8%. you just won some money in the lottery so how much of your winnings would you need to put away to reach your goal. 5. You want to buy a new car for $25,000. After taxes and taking your down payment off you will be financing $24,000. If you take the loan out for 4 years how much will your monthly payments be if you are paying 6% interest? 6. You have $10,000 invested at 8% interest. How long will it take to double your money? 7. You are investing your money at 9% that is compounded monthly. What is your true rate of return? 8. You start an investment account with$1,000. Your plan is to add $300 to this account every month for the next 25 years. If you can get a compound growth rate of 10% per year how much will you have in 25 years. 9. If you want to double your money every 7 years what interest rate would you need to be earning? 10. You are getting 10% interest compounded monthly. What is the effective rate?
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