Amortization Answers

You put $300 at the end of each month in an investment plan that pays an APR of 7%. How much will you have after 18 years? Compare this amount to the total deposits made over the time period. a. $129,201.10; $64,800 c. $130,964.27; $64,800 b. $129,211.25; $64,775 d. $131,218.51; $64,775 Please select the best answer from the choices provided

Steven wants to start an IRA that will have $375,263 in it when he retires in 30 years. How much should he invest semiannually in his IRA to do this if the interest is 5.5% compounded semiannually? Assume an Annuity Due. Round to the nearest cent. a. $1252.34 c. $3857.30 b. $2454.28 d. $4011.19 Please select the best answer from the choices provided

In the Present Value of an Ordinary Annuity formula, what does the n represent?a.nominal interest ratec.number of periodsb.number of paymentsd.decimal number of percentage

You set up an IRA with an APR of 2.5% at age 35. At the end of each month, you deposit $102 in the account. How much will the IRA contain when you retire at the age of 65?a.$54,607.49c.$56,208.32b.$55,205.33d.$57,610.48

Lou has an account with $10,000 which pays 6% interest compounded annually. If to that account, Lou deposits $5,000 at the beginning of each year for 2 years, find out the amount in the account after the last deposit.a.$10,300.00c.$21,500.00b.$20,300.00d.$22,154.00

Find the savings plan balance after 18 months with an APR of 6% and monthly payments of $800. Assume an ordinary annuity.a.$15,028.63c.$15, 360.28b.$15,280.36d.$15, 306.82

Lou has an account with $10,000 which pays 6% interest compounded annually. If to that account, Lou deposits $5,000 at the beginning of each year for 2 years, find out the amount in the account after the last deposit.a.$10,300.00c.$21,500.00b.$20,300.00d.$22,154.00

As part of your retirement plan, you want to set up an annuity in which a regular payment of $35,000 is made at the end of each year. You need to determine how much money must be deposited earning 6% compounded annually in order to make the annuity payment for 20 years.a.$391,125.87c.$397,502.32b.$395,083.12d.$401,447.24

$765.13 is deposited at the beginning of each month for 2 years in an account paying 12% interest compounded monthly. Find the amount of the account. Round your answer to the nearest cent.a.$18,911.18c.$20,844.59b.$19,873.08d.$21,403.34

When you finally retire, you want to be able to draw from an account an annual salary of $100,000 for 20 years. Approximately how much should be in your account that has an APR of 5% when you retire, such that you can draw an annual salary of $100,000? Assume an ordinary annuity.a.$62,000c.$1,310,000b.$1,250,000d.$3,000,000

As part of your retirement plan, you want to set up an annuity in which a regular payment of $25,312 is made at the end of each year. You need to determine how much money must be deposited earning 6.2% compounded yearly in order to make the annuity payment for 20 years.a.$2,242.78c.$285,671.10b.$506,240d.$537,626.90

You want to purchase a new car in 5 years and you anticipate the cost of the car to be $55,000. You are given an investment plan with a fixed APR of 6.2%, assuming that you make regular monthly deposits. How much should you deposit at the beginning of each month to reach your goal of $55,000 in 5 years? Round to the nearest cent.a.$787.23c.$785.62b.$786.65d.$780.23

As part of your retirement plan, you want to set up an annuity in which a regular payment of $25,312 is made at the end of each year. You need to determine how much money must be deposited earning 6.2% compounded yearly in order to make the annuity payment for 20 years.a.$2,242.78c.$285,671.10b.$506,240d.$537,626.90

Find the savings plan balance after 9 months with an APR of 12% and monthly payments of $300. Assume an ordinary annuity.a.$2,750.21c.$2,810.56b.$2,790.54d.$2,815.32

Alex wants to start an IRA that will have $1,250,675 in it when he retires in 30 years. How much should he invest semiannually in his IRA to do this if the interest is 4.5% compounded semiannually? Assume an Annuity Due. Round to the nearest cent.a.$9,698.12c.$9,828.44b.$9,728.66d.$9,931.10

If Bob deposits $5,000 at the beginning of each year for 10 years in an account paying 12% interest compounded annually, find the amount he will have at the end of the 10 years.a.$98,272.92c.$94,625.32b.$98,828.28d.$95,876.82

Steven wants to start an IRA that will have $375,263 in it when he retires in 30 years. How much should he invest semiannually in his IRA to do this if the interest is 5.5% compounded semiannually? Assume an Annuity Due. Round to the nearest cent. a. $1252.34 c. $3857.30 b. $2454.28 d. $4011.19 Please select the best answer from the choices provided

Find the savings plan balance after 18 months with an APR of 6% and monthly payments of $800. Assume an ordinary annuity.a.$15,028.63c.$15, 360.28b.$15,280.36d.$15, 306.82

Suppose that a family wants to start a college fund for their child. If you can get an APR of 7.5% and want the fund to have a value of $75,000 after 18 years, how much should you deposit monthly? Assume an ordinary annuity.a.$164.98c.$166.21b.$165.30d.$167.52