Select Answers to the Finance Review Sheet

Problem 1

  • $483.99 savings
  • $3615.81 put in
  • 87.235 years

    Problem 2

  • $24,735.89 savings
  • $21,000 put in total
  • $3735.89 interest
  • $70.75 put in each month
  • $4245 put in total
  • $755 interest
  • 100,000 = 350 ((1+.065/12)^(years*12)-1)/(.065/12)
  • Using Excel, it takes 14.43 years. Using this answer, I put in $60,606 total and pay $39,394 in interest

    Problem 3

  • $27,000 loan
  • $528.29 monthly payment
  • $31,697.40 put in total
  • $4697.40 interest
  • 27000*(.065/12)/(1-((1+.065/12)^(-years*12)))=100

    Problem 4

    See the sheet itself for places to review.