You MAY NOT COPY a response published by a student before you. Be creative and create a new or different scenario of your own.
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Friday, May 2, 2008
Personal Finance Blog Assignment 1b
Reply to the question below in the comments to this post. You must include your first name when you publish your reply. If you wish, you may instead choose to answer the problem published as Personal Finance Blog Assignment 1a
You MAY NOT COPY a response published by a student before you. Be creative and create a new or different scenario of your own.
If necessary, click on the image to enlarge it.
You MAY NOT COPY a response published by a student before you. Be creative and create a new or different scenario of your own.
If necessary, click on the image to enlarge it.
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5 comments:
Nguyen invested $5000 at 8% compounded monthly in 2 years. Determine monthly withdrawal.
Shiki received $5000 a month and she invested the $5000 every month. the bank gave her an 8% interest rate which was compounded monthly for 2 years but, in each month she withdrew a certain amount of money to pay her expenses. How much money did she withdraw each month?
Sezy borrowed 5000$ from the bank, with the interest rate is 8%, compounded monthly. Sezy is going to pay it in 2 years. find the amount that the bank will charge Sezy in one month.
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Jessie invested $5000 into a savings account with an interest rate of 8% compounded monthly. She withdraws $226.14 a month to pay back her friend Michelle for the money she leant her. Jessie figured out it will take her two years to pay back the money considering her budget. How much money will Jessie have left in her savings account after the two years.
George wanted to buy a $5000 gaming system, the Playstation-XBox-Nintendo. He didnt have the money so he borrowed it from loan sharks. At first he thought it was a great idea, since they would charge him monthly at an interest rate of 8%. They give him 2 years to pay off the loan, which seemed like enough time to pay it off. But if he doesnt, there will be consequences.
How much does George have to pay each month in order to pay off the loan/save his life?
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