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# Help with math

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Your goal is to create a college fund for your child. Suppose you find a fund that offers an APR of 4 %. How much should you deposit monthly to accumulate ​\$80,000 in 12 ​years?

Apr 1, 2020
edited by Guest  Apr 1, 2020

#1
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FV=80000; R=0.04/12; N=12*12;PMT = FV*(((1 + R)^N - 1)^-1* R);print" PMT =\$",PMT

PMT =\$ 433.76

Apr 1, 2020
#2
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Would you be willing to help me with the rest of my homework?

Guest Apr 1, 2020
#4
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Post your questions ONE at a time. Will see if we can help.

Guest Apr 1, 2020
#3
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You want to purchase a new car in 8 years and expect the car to cost ​\$85,000. Your bank offers a plan with a guaranteed APR of 4.5% if you make regular monthly deposits. How much should you deposit each month to end up with ​\$85,000 in 8​ years?

Apr 1, 2020
#6
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FV=85000; R=0.045/12; N=12*8;PMT = FV*(((1 + R)^N - 1)^-1* R);print" PMT =\$",PMT

PMT =\$ 737.22

Apr 1, 2020
#7
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Suppose you are 35 years old and would like to retire at age 65.​ Furthermore, you would like to have a retirement fund from which you can draw an income of​ \$50,000 per year–​forever! How much would you need to deposit each month to do​ this? Assume a constant APR of 6​% and that the compounding and payment periods are the same.

Guest Apr 1, 2020
#8
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50000 / 0.06 =\$833,333.33 - This is a "Perpetual Annuity"

FV=833333.33; R=0.06/12; N=12*30;PMT = FV*(((1 + R)^N - 1)^-1* R);print" PMT =\$",PMT

PMT =\$ 829.59

Guest Apr 1, 2020
#9
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Find the savings plan balance after 12 months with an APR of 2​% and monthly payments of​ \$200.

Guest Apr 1, 2020
#10
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P=200;   R=0.02/12;  N=12;    FV=P*((1 + R)^N - 1)/ R;print"FV = \$",FV

FV = \$ 2422.12

Guest Apr 1, 2020
#11
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Find the savings plan balance after 3 years with an APR of 9​% and monthly payments of​ \$150.

Guest Apr 1, 2020
#12
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P=150;   R=0.09/12;  N=12*3;    FV=P*((1 + R)^N - 1)/ R;print"FV = \$",FV

FV = \$ 6172.91

Guest Apr 1, 2020
#13
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An individual borrowed​ \$73,000 at an APR of 3​%, which will be paid off with monthly payments of​ \$356 for 24 years.

Guest Apr 1, 2020
#14
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So, what do you want calculated?

Guest Apr 1, 2020
#16
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But you have the payment of \$356 monthly payment. The exact amount is =\$355.88

Guest Apr 1, 2020
#17
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Consider a student loan of​ \$25,000 at a fixed APR of 6​% for 20 years.

a. Calculate the monthly payment.

b. Determine the total amount paid over the term of the loan.

c. Of the total amount​ paid, what percentage is paid toward the principal and what percentage is paid for interest.

Guest Apr 1, 2020
#18
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N=20*12; R=0.06/12;PV=25000; PMT=PV*R*((1 + R)^N) / ((1 + R)^(N) - 1);print"LOAN PMT =\$",PMT

a - LOAN PMT =\$ 179.11

b - \$179.11  x  20 years  x  12 =\$42,986.40 - Total principal + interest

c - \$42,986.40 - \$25,000 =\$17,986.40 Total interest paid

17,986.40 / 42,986.40 =41.84% paid toward interest

25,000 / 42,986.40 =58.16% paid toward principal.

Note: I got to go now. It is my bed time !!.

Guest Apr 1, 2020