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Economics

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1. A family decides to save for the college education of their kindegradener starting with her 6th birthday. They would ilike to have $40,000.00 at her 19th birthday. How much they should be putting aside in each birthday to accumulate this amount? The account makes an annual rate of 3.5%

2. A dealer offers a $25,000 car with a downpayment of $2,000 and 60 easy monthly payments of $479.99. How much monthly rate is he charging?

3. A individual is borrowing 175,000 for a 15 year loan at 4.17% per year compounded monthly. Calculate his monthly payment.

4. For the loan described under Q3, what would be the amount owed to the bank if the individual decides to sell the house immediately after the 71st payment?

5. For the same loan described under Q3, the individual decides that instead of selling the house after the 71st payment, to keep it and shorten the pay off period by increasing the montly payment by $150 each month. What is the number of months required tp pay off the balance??

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M9466485

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