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7/26/23, 11:11 AM
Week 4 Assignment 1 – Finance
Imelda Venasio
Exercises are set up so you can try the problem five times, then the answer will be shown on your fifth
attempt. T/F and some multiple choice questions will have fewer than 5 attempts
If you miss a problem on the exercises and want to improve your score, you can “Try a similar problem”,
which will give you a new question of the same type. You can keep on working on versions of a question
until you get a perfect score on the exercises. The points shown reflect the number of questions. Your
assignment is worth 20 points.
Question 1
0/1 pt
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Question
1
You deposit $1240 in a savings account paying 1.6% simple interest.
How much interest will you earn in 6 years?
How much is in the account at the end of 6 years?
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Question 2
0/1 pt
5
Lynne needs to borrow $5750 for cosmetic surgery. She obtains a loan from her grandmother for 30
months at a simple interest rate of 7.5%. What is the loans future value?
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0/1 pt
How much should you invest at 3% simple interest in order to earn $75 interest in 14 months?
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Question 3
$
99
5
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Question
1
Round to 2 decimal places.
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7/26/23, 11:11 AM
Question 4
0/1 pt
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You deposit $5000 in an account earning 8% interest compounded monthly. How much will you have in Question
the account in 15 years?
$
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Question 5
0/1 pt
5
How much would you need to deposit in an account now in order to have $6000 in the account in 10
years? Assume the account earns 7% interest compounded monthly.
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$
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Question 6
0/3 pts
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99
Question
You deposit $400 each month into an account earning 8% interest compounded monthly.
a) How much will you have in the account in 35 years?
$
b) How much total money will you put into the account?
$
c) How much total interest will you earn?
$
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Question 7
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0/2 pts
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7/26/23, 11:11 AM
Question
1
Suppose you want to have $600,000 for retirement in 35 years. Your account earns 7% interest.
a) How much would you need to deposit in the account each month?
$
b) How much interest will you earn?
$
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Question 8
0/1 pt
5
99
You have $500,000 saved for retirement. Your account earns 10% interest. How much will you be able toQuestion
pull out each month, if you want to be able to take withdrawals for 25 years?
$
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Question 9
0/3 pts
5
99
Question
You want to be able to withdraw $30,000 each year for 15 years. Your account earns 7% interest.
a) How much do you need in your account at the beginning?
$
b) How much total money will you pull out of the account?
$
c) How much of that money is interest?
$
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Question 10
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0/1 pt
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You want to buy a $28,000 car. The company is offering a 2% interest rate for 48 months (4 years). WhatQuestion
will your monthly payments be?
$
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Question 11
0/3 pts
5
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You want to buy a $230,000 home. You plan to pay 10% as a down payment, and take out a 30 year loan Question
for the rest.
a) How much is the loan amount going to be?
$
b) What will your monthly payments be if the interest rate is 6%?
$
c) What will your monthly payments be if the interest rate is 7%?
$
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Question 12
0/3 pts
You can afford a $800 per month mortgage payment. You’ve found a 30 year loan at 7% interest.
5
99
Question
a) How big of a loan can you afford?
$
b) How much total money will you pay the loan company?
$
c) How much of that money is interest?
$
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