8. Annuity. At what interest rate will a payment of
a. $346 grow to 12,898.78 over a period of 15 years?
b. $1,056 grow to 10,834.35 over a period of 8 years?
c. $696 grow to 22,113.65 over a period of 15 years?
9. Car Loans (Hint: P/Y=12). How much is a car loan with a payment of
a. $257 per month for 3 years at 6% interest per year?
b. $437 per month for 5 years at 15% interest per year?
c. $274 per month for 6 years at 7% interest per year?
d. $253 per month for 2 years at 7% interest per year?
10. Car Loans (Hint: P/Y=12). How many months will you pay on a car loan of
a. $18,708 with a payment of 406.76 per month at 11% interest per year?
b. $10,112 with a payment of 276.33 per month at 14% interest per year?
c. $32,705 with a payment of 1,101.96 per month at 13% interest per year?
d. $34,136 with a payment of 1,638.97 per month at 14% interest per year?
11. Car Loans (Hint: P/Y=12). What is the interest rate on a loan of
a. $8,000 with a payment of 218.61 per month for 4 years?
b. $16,000 with a payment of 368.47 per month for 4 years?
c. $24,000 with a payment of 521.82 per month for 5 years?
d. $32,000 with a payment of 664.27 per month for 5 years?
12. Mortgages (Hint: P/Y=12, House cost = Loan Value/0.9).
What is the house cost on a 10 percent down mortgage with payments of
a. $4,369.66 per month for 30 years at 10 percent interest?
b. $1,626.83 per month for 15 years at 11 percent interest?
c. $3,724.21 per month for 30 years at 8 percent interest?
d. $4,469.19 per month for 15 years at 14 percent interest?
13. Mortgages (Hint: P/Y=12). What is the interest rate on a mortgage of
a. $863,001 with a payment of 5,174.13 for 30 years?
b. $125,709 with a payment of 1,275.02 for 15 years?
c. $546,227 with a payment of 6,906.73 for 30 years?
d. $478,167 with a payment of 3,781.31 for 15 years?
14. Mortgages (Hint: P/Y=12). What is the payoff on a 30 year, 6% mortgage of
a. $255,413 with a payment of 1,531.33 with 7 years remaining?
b. $530,493 with a payment of 3,180.57 with 9 years remaining?
c. $297,266 with a payment of 1,782.26 with 13 years remaining?
d. $108,947 with a payment of 653.19 with 13 years remaining?