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$18,153 $221,593,610 $1,405 $1,815

Find the amount of an annuity that consists of 24 monthly payments of $700 each into an account that pays 8% interest per year, compounded monthly. NOTE: please round your answer to the nearest dollar. Choose your answer from the following:. $18,153 $221,593,610 $1,405 $1,815.

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$18,153 $221,593,610 $1,405 $1,815

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  1. Find the amount of an annuity that consists of 24 monthly payments of $700 each into an account that pays 8% interest per year, compounded monthly. NOTE: please round your answer to the nearest dollar. Choose your answer from the following: • $18,153 • $221,593,610 • $1,405 • $1,815

  2. How much money should be invested every quarter at 6% per year, compounded quarterly, in order to have $6,000 in 2 years? NOTE: please round your answer to the nearest dollar. Choose your answer from the following: • $712 • $2,978 • $963 • $284,602

  3. A 30-year-old man deposits $50,000 to fund an annuity with an insurance company. The money will be invested at 7% per year, compounded semiannually. He is to draw semiannual payments until he reaches age 60. What is the amount of each payment? NOTE: please round your answer to the nearest dollar. Choose your answer from the following: • 2,004 • 1,553 • 197 • 2,719

  4. A couple can afford to make a monthly mortgage payment of $550. If the mortgage rate is 9% and the couple intends to secure a 35-year mortgage, how much can they borrow? NOTE: please round your answer to the nearest dollar. Choose your answer from the following: • $70,154 • $71,388 • $67,987 • $56,698

  5. John buys a stereo system for $870. He agrees to pay $39 per month for 2 years. Assuming that interest is compounded monthly, what interest rate is he paying? Note: To solve this task use graphical indicator. Choose your answer from the following: • 8% • 13% • 4% • 14%

  6. An item at a department store is priced at $100 and can be bought by making 16 payments of $7. Find the interest rate, assuming that interest is compounded monthly. Choose your answer from the following: • 13% • 18% • 9% • 19%

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