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## 1.)If I deposit \$325 per month i… Show more Very Important

Assignment Help Finance 1.)If I deposit \$325 per month i… Show more Very Important

# 1.)If I deposit \$325 per month i… Show more Very Important

1.)If I deposit \$325 per month i… Show more Very Important to show the steps, I need more than just the answer. 1.)If I deposit \$325 per month into an investment account which pays 8.5% interest, (a) how much will my account have grown to in 40 years? (15 points) (b) How much total interest will I earn? (5 points 2.)A corporation borrowed \$500,000 for 10 years at 5% annually compounded interest. They will not make any payments against this loan along the way, but will instead pay the amount borrowed plus all the compounded interest in one payment at maturity. (a) Find the amount they will need to pay at maturity. (8 points) (b) If they set up a sinking fund to be able to cover this, making quarterly payments into an account earning 3.6%, how much will each quarterly payment need to be? 3.)If I borrow \$14,500 on a 5 year car loan at 8.7% interest, how much will each monthly payment be? 4.) I just took out a 30 year mortgage at 4.2% interest. My monthly payment will be \$875.43. (a) How much did I borrow? (10 points) (b) If I had instead taken out a 15 year mortgage at the same interest rate, what would my monthly payment have been for the 15 year loan 5.) I am paying off a personal loan with monthly payments of \$465.14. The interest rate is 12%, and I currently owe \$32,420.50.(a) Of my next payment, how much will go to principal and how much will go toward interest? (20 points)(b) BONUS QUESTION: Assuming I make my payments exactly as scheduled, how much total interest will I pay over the course of this loan’s term • Show less

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