Use the financial calculators (link in blue) to solve the problems (1-5). Then c

Question

Use the financial calculators (link in blue) to solve the problems (1-5). Then create apply to your current needs OR financial situation , scenarios and provide an example and reflection for EACH of the three calculators that currently 1. Diane invests S500 today in an account earning 7%, How much will it be worth in 5 years?- 10 years?--20 years? -- Future Value Calculator (Investopedia) Diane finds an account earning 10%. How much will it be worth in Future Val 2, 10 years?20 years? Frank wants to buy a $10,000 car. The car dealer offers him financing of 60 payments at 3. 9% interest. What will his payments be? 4. The dealer also offers Frank 48 payments at 8%. Now what will Frank's payments be? Auto Loan Calculator Gayle has a credit card with a $500 balance on it and a 19% interest rate. If she wants to pay off her card in two years, What will her monthly payments be? How much interest will she pay? credit card-payoff calculator 5. 6. Now Gayle's balance is $2,500. What will Gayle's monthly payments be? How much interest will she pay? credit card-payoff calculator

Explanation / Answer

Using Future value calculator Investopedia answer is as below.

3) =PMT(0.75%,60,-10000)

= $207.58 car loan EmI

4) =PMT(0.67%,48,-10000)

=$244.32 car loan EmI

5) Credit card monthly payment =PMT(1.5833%,24,-500) = $25.20

Interest Payment = ($25.20*24) -$500 = $604.90-$500 = $104.90

6)

Credit card monthly payment =PMT(1.5833%,24,-2500) = $126.02

Interest Payment = ($126.02*24) -$2500 = $3024.52- $2500 = $524.52

Question 1) Years Future value 5 $         701.28 10 $         983.58 20 $     1,934.84 2) Years Future value 5 $         805.26 10 $     1,296.87 20 $     3,363.75

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