Solve the problem. Round to the nearest cent as needed. 11) Brandon\'s savings a

Question

Solve the problem. Round to the nearest cent as needed. 11) Brandon's savings account has a balance of $4069. After 4 years what will the amount of interest be at 5% compounded quarterly? D) $101.73 A) $899.73 B) $885.73 C) $894.73 Use the future value formula to find the indicated value. Round to three decimal places 12) n = 14; i-0.06; PMT-si; FV-? A) $23.276 D) $37.682 B) $18.882 Find the periodic payment that will render the sum. B) $715.42 $21.015 13) FV-$29,000, interest is 8% compounded monthly, payments made at the end of each month for 3 years A) $8585.06 C) $2329.33 D) $1528.16 Solve the problem. 14) Sammy borrowed $10,000 to purchase a new car at an annual interest rate of 11%. She is to pay it back in equal monthly payments over a 5-year period. How much total interest will be paid over the period of the loan? Round to the nearest dollar. A) $92 B) $3045 C) $3630 D) $1435 Formulas APY- (1+r/m)m 1 i- r/m, n mt

Explanation / Answer

11)

Given P=$4069, T=4 years, R=5%, n=4

Usint the compound interest formula:

A= P(1+r/n)^nt

=4069(1+0.05/4)^4*4

=4069(1.0125)^16

=4069x1.220

=4963.73

Interest in 4 years = 4963.73-4069 = $894.73 option (C)

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