Homework Answers
1)
Number of periods = 5 * 12 = 60
Rate = 5.46% /12 = 0.455%
Future value = Monthly payment * [(1 + r)^n - 1] / r
Future value = 468 * [(1 + 0.00455)^60 - 1] / 0.00455
Future value = 468 * [1.313087 - 1] / 0.00455
Future value = 468 * 68.810315
Future value = $32,203.23
2)
Number of periods = 8 * 12 = 96
Future value = 468 * [(1 + 0.00455)^96 - 1] / 0.00455
Future value = 468 * [1.546214 - 1] / 0.00455
Future value = 468 * 120.047006
Future value = $56,182.00
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