Tara wishes to accumulate $29,000 in 5 years. Use the appropriate formula to find the sinking fund payment (in $) she would need to make at the end of each six months, at 4% interest compounded semiannually. (Round your answer to the nearest cent.) $
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- Tara wishes to accumulate $27,000 in 3 years. Use the appropriate formula to find the sinking fund payment (in $) she would need to make at the end of each six months, at 8% interest compounded semiannually. (Round your answer to the nearest cent.) $Tara wishes to accumulate $25,000 in 3 years. use the appropriate formula to find the sinking fund payment (in$) you would need to make each month, at 24% interest compounded monthly, to pay off a loan of $8,500 in 3 years. (round your answer to the nearest cent).Jeff wishes to accumulate $7,000 in 6 years. Use the appropriate formula to find the sinking fund payment she would need to make at the end of each year, at 7% interest, compounded annually. $942.12 $978.57 O $1,432.12 O $1,468.57
- Ted Houser wishes to accumulate a fund of $40,000 for the purchase of a house and lot. He plans to deposit $4,000 semiannually at the end of each 6 months. Assuming interest at 14% a year compounded semiannually, how many deposits of $4,000 each will be required, and what is the amount of the last deposit?Garrett wants to accumulate at least $35,000 by depositing $1,500 at the end of each month into a fund that earns interest at 4.5% compounded monthly. a. How many deposits does she need to make in order to reach her goal? Round to the next payment b. How long will it take Garrett to reach her goal? o year(s) o month(s) Express the answer in years and months, rounded to the next payment periodCynthia wants to accumulate at least $40,000 by depositing $1,200 at the end of each month into a fund that earns interest at 5.75% compounded monthly. a. How many deposits does she need to make in order to reach her goal? Round to the next payment b. How long will it take Cynthia to reach her goal? year(s) month(s) Express the answer in years and months, rounded to the next payment period
- Jeff wishes to accumulate $5,750 in 7 years. Use the appropriate formula to find the sinking fund payment she would need to make at the end of each year, at 9% interest, compounded annually. A. $592.65 B. $624.97 C. $1,110.15 D. $1,142.47A woman expects to have $10,000 in 4 years to buy a pair of earrings. She plans to create a sinking fund by depositing an amount every 6 months. If the fund earns 16% interest compounded semi-annually, find the semi-annual deposit and construct a sinking fund schedule.Brenda Young desires to have $20,000 eight years from now for her daughter’s college fund. If she will earn 4 percent (compounded annually) on her money, what amount should she deposit now? Use the present value of a single amount calculation. Use Exhibit 1-C. (Round time value factor to 3 decimal places and final answer to nearest whole number.)
- (d) Gabrielle needs $200,000 in eight years. She has set up a sinking fund that earns 5% compounded monthly in order to have the amount in eight years? (1) How much should she deposit each month? (ii) How much interest is earned over the period?Solve by using the sinking fund or amortization formula. Betty Price purchased a new home for $245,000 with a 10% down payment and the remainder amortized over a 15 year period at 9% interest. (a) What amount (in $) did Betty finance? $ (b) What equal monthly payments (in $) are required to amortize this loan over 15 years? (Round your answer to the nearest cent.) $ (c) What equal monthly payments (in $) are required if Betty decides to take a 20 year loan rather than a 15 year loan? (Round your answer to the nearest cent.) $Puan Aminah wishes to have RM 250, 000 for her children education fund of her in 15 years with interest rate of 8% quarterly. (Hint: give the answer in 2 decimal places). Compute the amount she has save at the beginning of each year in order to meet his hoal.