1.You invest $300 a month at the end of each month for 14 months at an annual ra

Question

1.You invest $300 a month at the end of each month for 14 months at an annual rate of 3% compounded monthly.   How much money would you have at the end of the 14 months?

A.$4269

B.$5126

C.$5348

D.$6233

2.How would the answer to 1 change if you invested the $300 at the beginning of the month instead of the end.

A.$3895

B.$4073

C.$4280

D.$5280

3.You have $700 in your saving account and would like to add to it $100 a month for the next 5-years. If you can earn 4%, what would be the balance of your savings account at the end of the 5 years?

A.$6781

B.$7485

C.$7507

D.$7899

4.You purchased a home for $250,000 and borrowed 80% of the value for 30 years at 4.5%.

Calculate your monthly payment

A.$1013

B.$1052

C.$1298

D.$1367

5.Your gross annual salary is $46,000. Your mortgage monthly payment cannot exceed 28% of your gross monthly income. You are applying for a conventional 30-year mortgage at a 4.8%. Calculate your maximum monthly payment

A.$1073

B.$1125

C.$1166

D.$1221

Explanation / Answer

B 5126 D 5280 B 7485 A 1013 A 1073

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