You borrow $25,000 to be repaid in 12 monthly
installments of $2,292.00. The annual interest rate is closest to
A) 1.5 percent.
B) 12 percent.
C) 18 percent.
D) 24 percent.
35) You sell valuable artifacts
from your household estate for $200,000 and want to use the money to supplement
your retirement. You receive the money on your 60th birthday, the day you retire. You want to
withdraw equal amounts at the end of each of the next 25 years. What constant
amount can you withdraw each year and have nothing remaining at the end of 20
years if you are earning 7% interest per year?
36) You inherit $300,000 from your parents and want to use
the money to supplement your retirement. You receive the money on your 65th birthday, the day you retire. You want to
withdraw equal amounts at the end of each of the next 20 years. What constant
amount can you withdraw each month and have nothing remaining at the end of 20
years if you are earning 7% interest compounded monthly?
37) Auto Loans R Them loans you $24,000 for four years to
buy a car. The loan must be repaid in 48 equal monthly payments. The annual
interest rate on the loan is 9 percent. What is the monthly payment?
38) Your company has received a $50,000 loan from an
industrial finance company. The annual payments are $6,202.70. If the company
is paying 9 percent interest per year, how many loan payments must the company make?
39) What is the present value of an
annuity of $4,000 received at the beginning of each year for the next eight
years? The first payment will be received today, and the discount rate is 9%
(round to nearest $1).
40) What is the present value of an annuity of $120 received
at the end of each year for 11 years? Assume a discount rate of 7%. The first
payment will be received one year from today (round to nearest $1).
41) A deferred annuity will pay you $500 at the end of each
year for 10 years, however the first payment will not be made until three years
from today (payments will be made at the end of years 3 through 12). What
amount will you have to deposit today to fund this deferred annuity? Use an 8%
discount rate and round your answer to the nearest $100.
42) Charlie wants to retire in 15 years, and he wants to
have an annuity of $50,000 a year for 20 years after retirement. Charlie wants
to receive the first annuity payment the day he retires. Using an interest rate
of 8%, how much must Charlie invest today in order to have his retirement
annuity (round to nearest $10).
43) It is January 1st and Darwin
Davis has just established an IRA (Individual Retirement Account). Darwin will
put $1000 into the account on December 31st of this year and at the end of each
year for the following 39 years (40 years total). How much money will Darwin
have in his account at the end of the 40th year? Assume that the account pays 12%
interest compounded annually and round to nearest $1000.
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