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Problem 3: How many years will it take for an intial investment of $2000, earning...

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Problem 3: How many years will it take for an intial investment of $2000, earning 5.4% annually, to reach $10,000? NPER ? VY (Rate) PV PMT FV Compounding Periods CPT (Compute)? Problem 4: You have future plans to buy a house 5 years from now. You estimate that a down payment of $20,000 will be required at that time. To accumulate that amount, you want to start making monthly payments into an account paying 3.9% interest. What will your monthly payments be? NPER /Y (Rate) PV PMT ? FV Compounding Periods CPT (Compute)? Problem 5: You are buying a car. The one you have choosen to purchase is going to cost you $32,985. Your car salesman has told you that you can purchase this vehicle for $525 per month for 72 months. What interest rate will you be paying? NPER Note: For a Loan the Price is listed as PV VY (Rate) ? Because the bank gives you the money in the beginning PV FV is 0, because the loan will be paid off at the end PMT FV Compounding Periods CPT (Compute) Remember, interest rotes are ALWAYS stated as yearly rates See Compounding More Frequently" on the General Information Tab

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