Select Answers to the Finance Review Sheet

Problem 1

$483.99 savings

$3615.81 put in

check that 87.235 years is an answer that makes sense with your formula

3,000 = 350 (1+rate/12)^(5*12)

Problem 2

$24,735.89 savings with $21,000 put in total and $3735.89 interest

$70.75 put in each month with $4245 put in total and $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

15,000 = 350 ((1+rate/12)^(3*12)-1)/(rate/12)

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