1.0/1.66 points|Previous AnswersSmithNM12 11.1.022.CMI.My Notes|
Find the future value, using the future value formula and a calculator. (Round your answer to the nearest cent.)$724at 5.5% compounded quarterly for5years$2360.54
2.0/1.66 points|Previous AnswersSmithNM12 11.1.046.My Notes|
Suppose that an insurance agent offers you a policy that will provide you with a yearly income of$30,000in 30 years. What is the comparable salary today, assuming an inflation rate of4%compounded annually? (Round your answer to the nearest cent.)
$99603.51
3.0/1.66 points|Previous AnswersSmithNM12 11.2.025.My Notes|
Convert the credit card rate to the APR.Oregon,1
%per month23.14
%4.1.25/1.66 points|Previous AnswersSmithNM12 11.2.045.My Notes|
Assume the car can be purchased for 0% down for 60 months (in lieu of rebate).A car with a sticker price of$42,950with factory and dealer rebates of $5,100(a) Find the monthly payment if financed for 60 months at 0% APR. (Round your answer to the nearest cent.)
$715.83
(b) Find the monthly payment if financed at 2.5% add-on interest for 60 months. (Round your answer to the nearest cent.)
$709.69
(c) Use the APR approximation formula to find the APR for part (b). (Round your answer to one decimal place.)
(No Response)
%
(d) State whether the 0% APR or the 2.5% add-on rate should be preferred.0% APR2.5% add-on rate
5.0/1.66 points|Previous AnswersSmithNM12 11.5.020.CMI.My Notes|
Use a calculator to evaluate an
ordinary annuity formulaA=m
1 +
| nt |
- 1 |
|
for
m,
r, and
t(respectively). Assume monthly payments. (Round your answer to the nearest cent.)$150;4%;40yr
A= $(No Response)