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Lana Rathamone

Lana R.

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Danielle Fairburn verified

Numerade educator

Josh and Jeff held investments that earned 6% compounded annually. both of them made regular payments unto their investments until they were 65. Josh started making yearly payments of $1000 when he was 20. Jeff did not start until he was 50 but made annual deposits of $3000. What is the future value of each investment? howe much did each person invest altogether? how much interest did they earn? What annual deposit would Jeff have needed to make if he had wanted his investment to have the same future value as Josh's investment at 65?

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Next year you want to have enough money to buy a new guitar. The new guitar is $1750 including taxes and shipping. You work part time and can afford to save $15 every week. As well as, you have $300 left from your summer job. You need an investment portfolio so that you can save money to buy the guitar in a year. If you invest into a GIC that earns 5% compounded annually and a savings account that earns 2.9% compounded weekly, will you have enough money in a year?

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INSTANT ANSWER

Next year you want to have enough money to buy a new guitar. The new guitar is $1750 including taxes and shipping. You work part time and can afford to save $15 every week. As well as, you have $300 left from your summer job. You need an investment portfolio so that you can save money to buy the guitar in a year. If you invest into a GIC that earns 5% compounded annually and a savings account that earns 2.9% compounded weekly, will you have enough money in a year?

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INSTANT ANSWER

Next year you want to have enough money to buy a new guitar. The new guitar is $1750 including taxes and shipping. You work part time and can afford to save $15 every week. As well as, you have $300 left from your summer job. You need an investment portfolio so that you can save money to buy the guitar in a year. If you invest into a GIC that earns 5% compounded annually and a savings account that earns 2.9% compounded weekly, will you have enough money in a year?

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ANSWERED

Danielle Fairburn verified

Numerade educator

You deposit the same amount of money at the end of each month for 2 years into a savings account that earns 6% interest compounded monthly. You end up with $5000. How much did you deposit each month?

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9. You need a car and have the following options: Option A: Lease a car for 3 years for $150 per month and a down payment of $2500 Option B: Purchase a new car for $18,500, which would be financed with a bank loan at an interest rate of 2.9%, compounded monthly, and a down payment paid of $3000, paying off the loan in 3 years with regular monthly payments. The car depreciates so that it will be worthless after 3 years. Option C: Rent a car at $35 a day for three years. a) How much to lease the car for 3 years? b) How much to buy the car over 3 years? c) How much to rent the car for 3 years? (

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9. You need a car and have the following options: Option A: Lease a car for 3 years for $150 per month and a down payment of $2500 Option B: Purchase a new car for $18,500, which would be financed with a bank loan at an interest rate of 2.9%, compounded monthly, and a down payment paid of $3000, paying off the loan in 3 years with regular monthly payments. The car depreciates so that it will be worthless after 3 years. Option C: Rent a car at $35 a day for three years. a) How much to lease the car for 3 years? b) How much to buy the car over 3 years? c) How much to rent the car for 3 years? (

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INSTANT ANSWER

9. You need a car and have the following options: Option A: Lease a car for 3 years for $150 per month and a down payment of $2500 Option B: Purchase a new car for $18,500, which would be financed with a bank loan at an interest rate of 2.9%, compounded monthly, and a down payment paid of $3000, paying off the loan in 3 years with regular monthly payments. Option C: Rent a car at $35 a day for three years. a) How much to lease the car for 3 years? b) How much to buy the car over 3 years? c) How much to rent the car for 3 years? (

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Ted wants to buy a car and needs credit to finance it. The cost, with taxes and shipping is $27837. Ted wants to repay his loan in 5 years using monthly payments and has two credit options; A) His secured line of credit at 3.3% compounded monthly B) The dealership’s financing plan at 3.5% compounded daily. Which option should he choose?

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INSTANT ANSWER

Ted wants to buy a car and needs credit to finance it. The cost with taxes and shipping is $27837. Ted wants to repay his loan in 5 years using monthly payments and he has two credit options: his secured line of credit at 3.3% compounded monthly the dealerships financing plan at 3.5% compounded daily which option should he choose?

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