I need the formulas for the questions below and a step by step process of how the questions were solved. Thank you 1. How many years will it take to grow $711 to a value of 2,028.19 at a compound rate of 14 percent? 2. Annuity. How many years will it take for a payment of $825 to grow to 17,642.03 at a compound rate of 10 percent? 3. Annuity. At what interest rate will a payment of $346 grow to 12,898.78 over a period of 15 years? 4. Car Loans (Hint: P/Y=12). How much is a car loan with a payment of $257 per month for 3 years at 6% interest per year? 5. Car Loans (Hint: P/Y=12). How many months will you pay on a car loan of $18,708 with a payment of 406.76 per month at 11% interest per year? 6. Car Loans (Hint: P/Y=12). What is the interest rate on a loan of $8,000 with a payment of 218.61 per month for 4 years? 7. Mortgages (Hint: P/Y=12, House cost = Loan Value/0.9). What is the house cost on a 10 percent down mortgage with payments of $4,369.66 per month for 30 years at 10 percent interest? 8. Mortgages (Hint: P/Y=12). What is the interest rate on a mortgage of $863,001 with a payment of 5,174.13 for 30 years? 9. Mortgages (Hint: P/Y=12). What is the payoff on a 30 year, 6% mortgage of $255,413 with a payment of $1, 531.33 with 7 years remaining?
Paper#8648 | Written in 18-Jul-2015Price : $25