Question

Please help me do 2 questions! I can't do that! Thank you.

r 6. 0/1 points | Previous Answers TanApMath7 4.2.021 My Notes Ask Your Teacher Luis has丰190,000 in his retirement account at his present company. Because he is assuming a position with another company, Luis is planning to "roll over" his assets to a new account. Luis also plans to put $2000 quarter into the new account until his retirement 30 years from now the new account earns interest a the rate of 4,5% year compounded quar er now much s vein his account at the time of his retirement? Hint: Use the compound interest formula and the annuity formula. (Round your answer to the nearest cent.) 2374519X Need Help?Read It Practice Another Version Submit Answer Save Progress 7. 1 points TanApMath7 4.2.025. My Notes Ask Your Teacher Lupé made a down payment of $6000 toward the purchase of a new car. To pay the balance of the purchase price, she has secured a loan from her bank at the rate of 8%year compounded monthly. Under the terms of her finance agreement she is required to make payments of $440/month for 36 months. What is the cash price of the car? (Round your answer to the nearest cent.) Need Help? Read It Watch It

Answer 1

Question 1

use compound interest formula and annuity formula

$FV=PV\left(1+\frac{r}{k}\right)^{nk}+PMT\left[\frac{\left(1+\frac{r}{k}\right)^{nk}-1}{\frac{r}{k}}\right]$

PV=190000

PMT=2000

k=4 for quarterly compound

n=30 years

r=4.5% = 0.045

FV = 190000 ( + 0,045、304 (1+ 0.045) 3041 +2000

FV 190000 (1+0.011252000 0.01125

FV 190000 (1.01125)122000 мною(1.01125)», 0.01125

3.828-1 FV190000 3.828+2000 0.01125

2.828 FV190000 3.828+2000

FV- 190000 3.828 + 2000 251.4186

FV-727407.46787+ 502837.39684

............after 30 years

Ft-= 1230244.8

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Question 2

$L=PMT\left[\frac{1-\left(1+\frac{r}{k}\right)^{-t}}{\frac{r}{k}}\right]$

L= loan amount

PMT=440

k=12 for monthly compound

t =36 months  

r=8% = 0.08

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$L=440\left[\frac{1-\left(1+\frac{0.08}{12}\right)^{-36}}{\frac{0.08}{12}}\right]$

$L=440\left[\frac{1-\left(1+0.00667\right)^{-36}}{0.00667}\right]$

L = 440 | 1-(1.00667)-36 0.00667 し 440

$L=440\left[\frac{1-0.78725}{0.00667}\right]$

$L=440\cdot 31.89505$

${\color{Red} L=14041.194}$............loan amount

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here

DP=down payment = 6000

so cash price is

price-600014041.19

${\color{Red} price \approx 20041.2}$