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Unformatted text preview: per month. What is my monthly payment?. 6. I start a college savings program. I expect to need $85,000 in 16 years. If I deposit $1500 now from a bonus check and save $250 each month, How much more will I have to deposit in 5 years to achieve my goal if interest rates remain at .5% per month? 7. I borrow $10,000 today at 1% per month with monthly payments & a term of 10 years. What will my balance be in 5 years if I make an additional payment of $1,000 at the end of year 2? When will the loan be paid in full?...
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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.
- Spring '09