Derek decides to buy a new car. The dealership offers him a choice of paying $528.00 per month for 5 years (with the first payment due next month) or paying some $28,283.00 today. He can borrow money from his bank to buy the car. What interest rate makes him indifferent between the two options?
Requirements: till my answers are correct
Derek decides to buy a new car. The dealership offers him a choice of paying $528.00 per month for 5 years (with the first payment due next month) or paying some $28,283.00 today. He can borrow money from his bank to buy the car. What interest rate makes him indifferent between the two options?
Derek wants to withdraw $11,338.00 from his account 6.00 years from today and $12,078.00 from his account 10.00 years from today. He currently has $3,690.00 in the account. How much must he deposit each year for the next 10.0 years? Assume a 6.00% interest rate. His account must equal zero by year 10.0 but may be negative prior to that.
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Derek currently has $11,240.00 in an account that pays 5.00%. He will withdraw $5,618.00 every other year beginning next year until he has taken 4.00 withdrawals. He will deposit $11240.0 every other year beginning two years from today until he has made 4.0 deposits. How much will be in the account 30.00 years from today?
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#4
Derek can deposit $223.00 per month for the next 10 years into an account at Bank A. The first deposit will be made next month. Bank A pays 15.00% and compounds interest monthly. Derek can deposit $2,568.00 per year for the next 10 years into an account at Bank B. The first deposit will be made next year. Bank B compounds interest annually. What rate must Bank B pay for Derek to have the same amount in both accounts after 10 years?
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Assume the real rate of interest is 2.00% and the inflation rate is 5.00%. What is the value today of receiving 12,136.00 in 9.00 years?
Derek borrows $35,500.00 to buy a car. He will make monthly payments for 6 years. The car loan has an interest rate of 5.13%. After a 10.00 months Derek decides to pay off his car loan. How much must he give the bank?
Suppose you deposit $1,017.00 into an account 6.00 years from today that earns 12.00%. It will be worth $1,962.00 _____ years from today.
#4
Assume a bank offers an effective annual rate of 5.87%. If compounding is monthly what is the APR?
Suppose you deposit $1,027.00 into an account 4.00 years from today. Exactly 17.00 years from today the account is worth $1,472.00. What was the account’s interest rate?
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