I need help with all three as im unsure if they're correct and I'm struggling...

60.1K

Verified Solution

Question

Accounting

I need help with all three as im unsure if they're correct and I'm struggling with the equation image
\#8. You deposit $5,000 at the end of every year for 10 years. Assume you are earning 8.88% per year for the entire problem. After ten years of making such deposits, you just keep the money in your bank-still earning 8.88% per year. How many years (after making your last deposit) would it take for your money to grow to $534,480 ? n=101y=8.88 CPtfU=75530.95=PV n=23 \#9. You have just started making monthly payments of $948.32 on a $120,000 mortgage with an interest rate of 8.8% and a 30 year life. Assume that you have decided to add another $200 to this required payment on this mortgage. In how many years will this mortgage be paid off? In terest =221,398.44 16.6 years 948.32 10. Assume that you borrowed $5,500. Payments are made weekly at the rate of $40.55 per week over a period of 3 years. What is the annual interest rate on this loan

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students