Suppose you deposit $75 every month for 21 (variable) years into an account with an APR of 6% compounded monthly. How much will you have in the account at the end of 21 years? Round to 2 decimal places.
Suppose you deposit $75 every month for 21 (variable) years into an account with an APR of 6% compounded monthly. How much will you have in the account at the end of 21 years? Round to 2 decimal places.
Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter2: Exponential, Logarithmic, And Trigonometric Functions
Section2.1: Exponential Functions
Problem 53E: Interest Ron Hampton needs to choose between two investments: One pays 6% compounded annually, and...
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1) Suppose you deposit $75 every month for 21 (variable) years into an account with an APR of 6% compounded monthly. How much will you have in the account at the end of 21 years? Round to 2 decimal places.
2)How much do you need to deposit monthly into an account with an Apr of 5% compounded monthly, so that you accumulate $20,000 by the end of 10 years? Round to 2 decimal places.
3)You are looking to purchase a home and you require a loan of $400,000. Determine your monthly payments if the bank charges APR = 4.1% interest compounded monthly and the amortization period is 25 years.
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