The savoias bought an investment property valued at

• Test Prep
• 26
• 62% (13) 8 out of 13 people found this document helpful

This preview shows page 6 - 8 out of 26 pages.

We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
The document you are viewing contains questions related to this textbook.
Chapter 6 / Exercise 42
Mathematical Applications for the Management, Life, and Social Sciences
Harshbarger
Expert Verified
58) The Savoias bought an investment property valued at \$160 000.00 by paying 25% down and mortgaging the balance over 25 years through equal monthly payments at 6% compounded monthly. What was the size of the monthly payments? 58) 59) Suppose \$726.56 is deposited at the end of every six months into an account earning 6.45% compounded semi - annually. If the balance in the account four years after the last deposit is to be \$31 300.00, how many deposits are needed? 59) 60) Calculate the accumulated value after ten years of payments of \$1000.00 made at the end of each month if interest is 4% compounded semi - annually. 60) 61) Conchita Martinez saves \$17.25 at the end of each month and deposits the money in an account, paying 4.96% compounded quarterly. a) How much will she accumulate in 22 years? b) How much of the accumulated amount is interest? 61) 62) A loan of \$40 000.00 is to be repaid by equal quarterly payments for 5 years. What is the size of each semi - annual payment if the interest is 5.00% compounded annually? 62) 63) Kelsey bought a car priced at \$19 700.00 for 10% down and equal monthly payments for 4.5 years. If interest is 8.22% compounded semi - annually, what is the size of the monthly payment? 63) 64) A loan was repaid in 6.5 years by quarterly payments of \$515.00 at 9.85% compounded semi - annually. What is the value of the loan? 64) 65) A \$360 000.00 mortgage is amortized by making monthly payments of \$2600. If interest is 7.5% compounded semi - annually, what is the term of the mortgage? 65) 66) Sabrina deposits \$300.00 into a savings account at the end of each month for five years. If the accumulated value of the deposits is \$20 000.00 and interest is compounded semi - annually, calculate the nominal rate of interest 66) 67) If a student loan was repaid by monthly payments of \$800.00 in 5.0 years at 8.00% compounded yearly, how much interest was paid? 67) 68) A 22 - year mortgage is amortized by payments of \$1761.50 made at the end of each month. If interest is 9.65% compounded semi - annually, what is the mortgage principal? 69) Calculate the present value of payments of \$100.00 made at the beginning of each quarter for ten years if the interest is 6% compounded quarterly. 68) 69) 70) What semi - annual payment must be made into a fund at the beginning of every six months to accumulate to \$4800.00 in ten years at 7% compounded semi - annually? 70) 6
We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
The document you are viewing contains questions related to this textbook.
Chapter 6 / Exercise 42
Mathematical Applications for the Management, Life, and Social Sciences
Harshbarger
Expert Verified
71) Payments of \$845.00 are made into a fund at the beginning of every month for 5.25 years. If the fund earns interest at 8.4% compounded monthly, what will the balance in the fund be after 5.25 years? 71)