Bob has saved $505 each month for the last 5 years to make a down payment...
Bob has saved $505 each month for the last 5 years to make a down payment on a house. The account earned an interest rate of .49 percent per month. How much money is in Bob's account?
Homework Answers
Ans $ 35125.42
| P = | Periodic payments |
| r = | rate of interest |
| n = | no of years |
| Future Value of Annuity = | P ( (1 + r)n - 1 ) / r |
| 505* ((1 + 0.49%)^60 - 1) / (0.49%) | |
| 35125.42 |
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Bob has saved $505 each month for the last 5 years to make a
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Bob
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Bob
has saved $515 each month for the last 3 years to make a down
payment on a house. The account earned an interest of .26 percent
per month. How much money is in Bob’s account?
Multiple Choice $18,565.10 $19,124.46 $18,540.00 $18,739.69 $19,408.97
(3 pts) Bob would ike to have $20,000 in 4 years to use as a down payment on a future house purchase. He has no money saved up now, but plans on depositine 5375 per month at the end of every month to save for this goal. What is the periodic interest rate Bob must earn to reach his goal? What is the Annual Percentage rate? 1) Periodic Nominal APR) (3 pts) Sue has $30,000 to use as a down...
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