DS 71 iClicker Problems 31-33

DS 71 iClicker Problems 31-33 - A. Simple interest/discount...

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31. Keisha Jones must pay a lump sum of $6,000 in 5 years. What amount deposited today at 6.2% compounded annually will amount to $6,000 in 5 years? Name this type of problem. A. Simple interest/discount B. Compound interest C. Ordinary Annuity/Sinking Fund D. Annuity Due E. Present value of an Annuity/Amortization 32. Raul Vasquez, a 25-year-old professional, puts $750 in a retirement fund at the end of each quarter until he reaches age 60. The account pays 8% interest compounded quarterly. How much will be in the account when he is 60. Name this type of problem.
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Unformatted text preview: A. Simple interest/discount B. Compound interest C. Ordinary Annuity/Sinking Fund D. Annuity Due E. Present value of an Annuity/Amortization 33. Kareem Adams buy a house for $285,000. He pays $60,000 down and takes out a mortgage at 6.9% on the balance. Find his monthly payment and the total amount of interest he will pay if the length of the mortgage is 15 years. Name this type of problem. A. Simple interest/discount B. Compound interest C. Ordinary Annuity/Sinking Fund D. Annuity Due E. Present value of an Annuity/Amortization...
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