Money + geometric progression - practice problems - page 2 of 3
Number of problems found: 60
- Five years
Nakato Nobuki, a Japanese artist, wants to have $24,000.00 in his savings account at the end of five years. Mr. Nobuki deposits $1,500.00 annually into savings and has a balance of $8,000.00 today. What must the interest rate on the savings account be for - Saving for education
Suppose a couple invested Php 50 000 in an account when their child was born to prepare for a college education. If the average interest rate is 4.4% compounded annually, a, Give an exponential model for the situation b, Will the money be doubled by the t - Annual interest
A loan of 10 000 euros is to be repaid in annual payments over ten years. Assuming a fixed 10% annual interest rate compounded annually, calculate: (a) the amount of each annual repayment (b) the total interest paid. - Interest rate
We borrowed CZK 50,000. The annual interest rate was 6%. We have to repay the entire debt in 5 years. How much will we pay? (use the compound interest relationship).
- Installment 38011
We borrowed CZK 150,000 at a monthly interest rate of 2%. At the end of each month, interest is added, and we immediately pay an installment of CZK 30,000. How much will we owe in 5 months? - Depreciated 37171
The initial price of the machine is 23,000 euros. Every year, 12% of its cost is depreciated due to wear and tear. What value will the machine have after six years? - Present value
A bank loans a family $90,000 at a 4.5% annual interest rate to purchase a house. The family agrees to pay the loan off by making monthly payments over 15 years. How much should the monthly payment be in order to pay off the debt in 15 years? - Savings
Suppose on your 21st birthday you begin making monthly payments of $500 into an account that pays 8% compounded monthly. If you continue the payments until your 51st birthday (30 years), How much money is in your account? How much of it is interesting? Sh - Future value
Suppose you invested $1000 per quarter over 15 years. If money earns an annual rate of 6.5% compounded quarterly, how much would be available at the end of the time period? How much is the interest earned?
- Beginning 34991
At the beginning of the year, the company had CZK 5,000,000 in its account. He has the money saved at a 16% interest rate. How much was the interest for the first year? How much was the interest for the second year? - Retirement annuity
How much will it cost to purchase a two-level retirement annuity that will pay $2000 at the end of every month for the first ten years and $3000 per month for the next 15 years? Assume that the payment represents a rate of return to the person receiving t - Beginning 31671
At the beginning of the year, Mr. Novák borrowed CZK 30,000 for two years with an interest rate of 11.8%. He will repay the debt at once after two years. The bank pays interest once a year, always at the end of the year. How much does Mr. Novák have to re - Entrepreneur 22941
Entrepreneur Zahourek deposited 450,000 into the bank's account with 4.5% annual interest. Calculate what the amount will be on the deposit account after three years. - Savings
The depositor regularly wants to invest the same amount of money in the financial institution at the beginning of the year and wants to save 10,000 euros at the end of the tenth year. What amount should he deposit if the annual interest rate for the annua
- Reducing balance method
A company buys an item having a useful life of 10 years for 1,000,000. If the company depreciates the item by the reducing balance method, a. find the depreciation for the first year. b. Estimate the depreciation for the second and third years. c. What is - Investment 2
Jack invested $5000 in a 5-month term deposit at 4.7% pa. At the end of the five months, Jack reinvested the maturity value from the first deposit into an 11-month term deposit at 7.3% pa. What is the maturity value at the end of the second term deposit? - Subsequent 8261
Mr. Peter needs to dig a 20m deep well on his property. The AZET company charges 1 euro for the first meter and 2x more for each subsequent meter. The ZETA company charges 200 euros for each meter of well depth. Which company should Mr. Peter choose if he - The machine
The annual depreciation of the machine is 10%. After eight years, the machine is worth 697 euros. What was the price of this machine at the time of purchase? - Loan 5
Abdul takes a loan of 200000 from Ali and agrees to repay in several installments. Each installment begins with the 2nd exceeding the previous one by 1000. If the first installment is 500, find how many installments will be necessary to be wiped out of th
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