A interest rate you would like to have 10000 in 5 years you, Ask an Expert

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a. Interest Rate: You would like to have $10,000 in 5 years. You currently have $5,000 to invest in a savings account and plan to add $40 each month for next 5 years. What yearly interest rate do you need to secure in order to have $10,000 in 5 years. Calculate the interest required using Excel’s functions.

b. Finding Payments: You just purchased a brand new tractor for $225,000. If you secured a 4.5% interest rate that is compounded monthly and want to have this tractor paid off in 10 years, what are your monthly payments? Calculate the cash flow using Excel’s functions.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92800378

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