The Academy for Academic Excellence has just announced their winner for the most successful student in mathematics. This student will receive a grant for their college education as well as national recognition for academic excellence in the field of mathematics. The grant will cover $12,177.17 of the cost of school per year for 5 years. If the initial amount is invested into an account over the five years, paying an annual interest rate of 5.5%, and you are to withdraw from this account until the remaining balance after the 5 years is zero dollars, determine the initial amount of the grant. Round your answer to the nearest dollar.
Using technology, determine the present value given that you make quarterly payments of $1,635 at 4.2% compouded quarterly over a 3 year period. Round your answer to the nearest cent.
Using technology, determine the present value given that you make semi-annual payments of $2,527 at 6.1% compouded semi-annually over a 6 year period. Round your answer to the nearest cent.
Mari has just made her last payment on her car. The lifetime of the loan was 36 months. The bank financed her for $15,000 at 6.71%. How much did Mari actually pay, after she made her last payment, for the car?
You have decided to purchase a car for $22,346.16. The credit union requires a 10% down payment and will finance the balance with a 5.4% annual interest loan for 36 months. The sales tax in your city is 7.6%, and the license and title charges are $125.13. Determine the amount that the credit union will finance you for. Round your answer to the nearest cent.
If you make monthly payments of $1,000 for 10 years, determine the total payment over the lifetime of the loan.
Using technology, determine the monthly payment on a 35 month loan of $28,000 at 8.1% compounded monthly. Round you answer to the nearest cent.
Using technology, determine the quarterly payment on a 4 year loan of $16,231 at 5.1% compounded quarterly. Round your answer to the nearest cent.
You have just received an inheritance of $28,000 and would like to invest it into an account. The bank offers two investment plans, one for 4 years at 5.8% compounded annually and another for 3 years at 7.083% compounded annually. You want to make equal annual withdrawals from the account over the life time of the loan. Which investment will yield the highest annual withdraw and by what amount, given that the account will be zeroed out by the end of that period? Round your answer to the nearest cent.
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