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- 1) A recent college grad accepts a job but plans to save money to go back to grad school in 6 years. She wants to have $22,000 saved at that point to help pay for school. How much would she have to 1 investrightnowat5 %compoundedquarterlytoreachthatgoal? 4
- 2) Find the mortgage payment for a 25-year loan of $129,000 at an annual interest rate of 7.75%.
- 3) A recent college graduate owes $24,000 on a federal student loan at an annual interest rate of 6.8% and will make fixed monthly payments for ten years. How much will the graduate pay each month on the student loan? (HINT: Use the loan payment formula)
- 4) A student accumulated a balance of $1,500 on a credit card that has an annual interest rate of 20.99%. Assume that no additional purchases are made using this credit card. a. How much will the student need to pay each month to pay off the balance over a period of one and a half years? (HINT: use the loan payment formula). b. Suppose the credit card company allows the student to make no payments for six months, but charges interest during that time. How much additional interest will the student owe at the end of the six-month period? (HINT: Use the compound interest formula, compounded monthly. Then subtract $1500 from the amount.)
- 5) Two car dealers each are offering a $7,000 loan. The first dealer offers an annual interest rate of 7.8% and the loan must be repaid in monthly payments over three years. The second dealer offers an annual interest rate of 8.4%, with monthly payments and a loan term of four years. a. Find the monthly payment under each scenario.
b. Find the total amount of interest paid under each scenario.