Alpha Geek

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    Polytechnic State University Sanluis
    Jan-2006 - Nov-2010

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    Polytechnic State University
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Category > Accounting Posted 19 Jun 2017 My Price 4.00

Big Brothers, Inc. borrows $440,064 from the bank at 16.52 perecent per year

7. Big Brothers, Inc. borrows $440,064 from the bank at 16.52 perecent per year, compounded annually, to purchase new machinery. Ths loan is to be repaid in equal annual installments at the end of each year over the next 10 years. How much will each annual payment be?
Round the answer to two decimal places

8.You need to accumulate $81,708 for your son's education. You have decided to place equal year-end deposits in a savings account for the next 8 years. The savings account pays 6.42 perecent per year, compounded annually.
Round the answer to two decimal places.

9. You plan to buy the house of your dreams in 11 years. You have estimated that the price of the house will be $112,338 at that time. You are able to make equal deposits every month at the end of the month into a savings account at a rate of 4.57 percent, compounded monthly. How much money should you place in this savings account every month in order to accumulate the required amount to buy the house of your dreams?
Round the answer to two decimal places

Answers

Alpha Geek
(8)
Status NEW Posted 19 Jun 2017 09:06 AM My Price 4.00

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Attachments

file 1497863187-Answer.docx preview (44 words )
A-----------nsw-----------er ----------- 7.----------- An-----------nua-----------l p-----------aym-----------ent----------- = -----------r(P-----------V) -----------/ [-----------1 ------------ (1-----------+r)-----------^-n-----------] =----------- 0.-----------165-----------2($-----------440-----------064-----------) /----------- [1----------- - -----------(1+-----------0.1-----------652-----------)^------------10]----------- = -----------$92-----------818-----------.70----------- -----------8. -----------Ann-----------ual----------- de-----------pos-----------it -----------= F-----------V(r-----------) /----------- [(-----------1+r-----------)^n----------- - -----------1] -----------= $-----------817-----------08(-----------0.0-----------642-----------) /----------- [(-----------1+0-----------.06-----------42)-----------^8 ------------ 1-----------] =----------- $8-----------131-----------.83----------- -----------9. -----------Rat-----------e p-----------er -----------mon-----------th -----------= 4-----------.57-----------% /----------- 12----------- = -----------0 -----------
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