The National Science Foundation (NSF) offers grants to students who are interested in pursuing a college education. The student must be enrolled full time (12 credit hours or more), and hold a grade point average of 3.8. The NSF will pay $9,500 per year towards tuition for 4 years. The initial amount is placed into an account paying 7.8% compounded annually, and the tuition is drawn from the account until the remaining balance is zero dollars. Determine the initial amount invested by the NSF. Round your answer to the nearest dollar.
You have just inherited $150,261 from a trust that has matured. You would like to invest the total amount into an account that pays you an annual compounded interest rate of 9.1%, and you would like to make annual withdrawals over the next 20 years such that by the end of this 20 year period, the amount remaining in the account will be zero dollars. Determine, from the given information, the amount of the annual withdrawals. Round to the nearest cent.
You have decided to purchase a car for $25,625. The credit union requires a 10% down payment and will finance the balance with a 9% annual interest loan for 36 months. The sales tax in your city is 7.5%, and the license and title charges are $175.13. What is the total purchase price of the car including tax, license, and title? Round your answer to the nearest cent.
You have decided to purchase a car for $15,699. The credit union requires a 10% down payment and will finance the balance with a 6.1% annual interest loan for 36 months. The sales tax in your city is 8.1%, and the license and title charges are $89.45. Determine the amount that the credit union will finance you for. Round your answer to the nearest cent.
Sandra deposits $3,000 at the beginning of each semiannual period for 12 years at 10% interest compounded semiannually. Determine the amount she will have in the account after 12 years. Round to the nearest cent.
If you make monthly payments of $2,500 for 8 years, determine the total payment over the lifetime of the loan.
Suppose that a family wants to start a college fund for their child. If you invest in an account that pays 5.5% and want the fund to have a value of $53,000 after 18 years, how much should you deposit monthly? Assume an annuity due.
Solve the problem. Round to the nearest cent.Mathew knows that he will need to buy a new car in 4 years. The car will cost $15,000 by then. How much should he invest now at 10%, compounded quarterly, so that he will have enough to buy a new car?
Household Medical Entertainment Loans InsurancePersonal Misc. $670$125$25$35.32$210$75$60$45Totals:$795$25$35.32$210$75$60$45You recorded the actual expenses you incurred for a previous month in the above table. Determine your monthly budget based on the expenses shown.
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