Future value sinking fund calculator

Calculate the amount of simple interest earned.

$1,000 at 13% for 30 years

$

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2. –/1.57 points SmithNM12 11.1.022.CMI.

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Find the future value, using the future value formula and a calculator. (Round your answer to the nearest cent.)

$822 at 5.5% compounded quarterly for 3 years

$

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3. –/1.57 points SmithNM12 11.1.030.

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Find the present value, using the present value formula and a calculator. (Round your answer to the nearest cent.)

Achieve $225,500 at 8.25% compounded continuously for 8 years, 125 days.

$

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4. –/1.57 points SmithNM12 11.1.032.

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If $38,500 is invested at 6.1% for 30 years, find the future value if the interest is compounded the following ways. (Round your answers to the nearest cent.)

(a) annually

$

(b) semiannually

$

(c) quarterly

$

(d) monthly

$

(e) daily

$

(f) every minute (N = 525,600)

$

(g) continuously

$

(h) simple (not compounded)

$

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5. –/1.57 points SmithNM12 11.1.046.

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Suppose that an insurance agent offers you a policy that will provide you with a yearly income of $70,000 in 30 years. What is the comparable salary today, assuming an inflation rate of 5% compounded annually? (Round your answer to the nearest cent.)

$

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6. –/1.57 points SmithNM12 11.2.025.

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Convert the credit card rate to the APR.

Oregon,

1

1

4

%

per month

%

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7. –/1.57 points SmithNM12 11.2.031.

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Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded, and that the month is 30 days long. (Round your answers to the nearest cent.)

$200 balance, 18%, $50 payment

(a) previous balance method

$

(b) adjusted balance method

$

(c) average daily balance method

$

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8. –/1.57 points SmithNM12 11.2.045.

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Assume the car can be purchased for 0% down for 60 months (in lieu of rebate).

A car with a sticker price of $42,150 with factory and dealer rebates of $5,100

(a) Find the monthly payment if financed for 60 months at 0% APR. (Round your answer to the nearest cent.)

$

(b) Find the monthly payment if financed at 2.5% add-on interest for 60 months. (Round your answer to the nearest cent.)

$

(c) Use the APR approximation formula to find the APR for part (b). (Round your answer to one decimal place.)

%

(d) State whether the 0% APR or the 2.5% add-on rate should be preferred.

0% APR 2.5% add-on rate

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9. –/1.57 points SmithNM12 11.2.048.

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For the car loan described, give the following information.

A newspaper advertisement offers a $4,500 used car for nothing down and 36 easy monthly payments of $154.62.

(a) amount to be paid

$

(b) amount of interest

$

(c) interest rate (Round your answer to two decimal places.)

%

(d) APR (rounded to the nearest tenth percent)

%

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10. –/1.57 points SmithNM12 11.2.059.

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Karen and Wayne need to buy a refrigerator because theirs just broke. Unfortunately, their savings account is depleted, and they will need to borrow money in order to buy a new one. Sears offers them an installment loan at 12% (add-on rate). If the refrigerator at Sears costs $1,538 plus 5% sales tax, and Karen and Wayne plan to pay for the refrigerator for 3 years, what is the monthly payment? (Round your answer to the nearest cent.)

$

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11. –/1.57 points SmithNM12 11.5.020.CMI.

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Use a calculator to evaluate an ordinary annuity formula

A = m

1 +

r

n

nt

− 1

r

n

for m, r, and t (respectively). Assume monthly payments. (Round your answer to the nearest cent.)

$150; 5%; 40 yr

A = $

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12. –/1.57 points SmithNM12 11.5.038.CMI.

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Find the amount of periodic payment necessary for the deposit to a sinking fund. (Round your answer to the nearest cent.)

$

Amount Needed

A Frequency

n Rate

r Time

t

$50,000 semiannually 15% 15 yr

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13. –/1.57 points SmithNM12 11.6.015.CMI.

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Use a calculator to evaluate the amortization formula

m =

P

r

n

1 −

1 +

r

n

−nt

for the values of the variables P, r, and t (respectively). Assume n = 12. (Round your answer to the nearest cent.)

$150,000; 4%; 15 yr

$

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14. –/1.57 points SmithNM12 11.6.032.

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Find the monthly payment for the loan. (Round your answer to the nearest cent.)

$900 loan for 12 months at 11%

$

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15. –/1.57 points SmithNM12 11.6.040.CMI.

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Find the monthly payment for the loan. (Round your answer to the nearest cent.)

A $110,000 home bought with a 20% down payment and the balance financed for 30 years at 10.5%

$

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16. –/1.57 points SmithNM12 11.6.042.

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Find the monthly payment for the loan. (Round your answer to the nearest cent.)

Finance $650,000 for a warehouse with a 11.50% 30-year loan

$

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17. –/1.57 points SmithNM12 11.7.016.

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Classify the financial problem. Assume a 10% interest rate compounded annually.

Find the value of a $1,000 certificate in 6 years.

amortization sinking fund present value ordinary annuity future value

Answer the question. (Round your answer to the nearest cent.)

$

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18. –/1.57 points SmithNM12 11.7.026.

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The amount to be financed on a new car is $9,500. The terms are 7% for 3 years. What is the monthly payment?

(a) State the type.

ordinary annuity amortization sinking fund present value future value

(b) Answer the question. (Round your answer to the nearest cent.)

$

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19. –/1.74 points SmithNM12 11.7.038.

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–/1.74

If an apartment complex will need painting in

3

1

2

years and the job will cost $45,000, what amount needs to be deposited into an account now in order to have the necessary funds? The account pays 9% interest compounded semiannually.

(a) State the type of the problem.

present value ordinary annuity amortization future value sinking fund

(b) Answer the question. (Round your answer to the nearest cent.)

$

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