Homework 2 solutions (1)

Homework 2 solutions (1) - Homework #2 1. If I invest at an...

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Homework #2 1. If I invest $3,750 today at an interest rate of 7.32% per year How much will I have in 41 years? $67,910.74 Savings balance 2. I want to accumulate $150,000 . If I invest $2,600 today and the return is 11.19% per year when will I reach my goal (years)? 38.23 years 3 How much do I have to deposit today if I want to retire with $2,000,000 47 years from today and I can earn a return of 9.32% per year? $30,349.23 Required initial deposit 4. I plan to invest $2,200 now with the hope of withdrawing $4,500 in 84 months. What monthly rate of return is required? 0.86% Required monthly rate of return
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$83,400 . If I receive a trade in allowance of $11,500 for my old car, what will my payments be if my loan interest rate is 0.219% per month and loan term is 84 months? $71,900 Amount financed $938.03 Monthly Payment 6. In 5. above, when will the loan balance be reduced to $18,000 if I increase my payment to $1,400 per month? This is the correct answer
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This note was uploaded on 02/16/2012 for the course ENGR 265 taught by Professor Arnold during the Spring '09 term at University of Arizona- Tucson.

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Homework 2 solutions (1) - Homework #2 1. If I invest at an...

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