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Chapter 8: Problem 18
In Exercises 11-20, express each decimal as a percent. \(19.63\)
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In Exercises 1-10, use $$ P M T=\frac{P\left(\frac{r}{n}\right)}{\left[1-\left(1+\frac{r}{n}\right)^{-n t}\right]} $$ Round answers to the nearest dollar. Suppose that you borrow \(\$ 10,000\) for four years at \(8 \%\) toward the purchase of a car. Find the monthly payments and the total interest for the loan.
Risky Credit Arrangements Group members should present a report on the characteristics and financial risks associated with payday lending, tax refund loans, and pawn shops.
Describe two disadvantages of using credit cards. What is a debit card?
a. Suppose that between the ages of 22 and 40 , you contribute \(\$ 3000\) per year to a \(401(\mathrm{k})\) and your employer contributes \(\$ 1500\) per year on your behalf. The interest rate is \(8.3 \%\) compounded annually. What is the value of the \(401(\mathrm{k})\), rounded to the nearest dollar, after 18 years? b. Suppose that after 18 years of working for this firm, you move on to a new job. However, you keep your accumulated retirement funds in the \(401(\mathrm{k})\). How much money, to the nearest dollar, will you have in the plan when you reach age 65 ? c. What is the difference between the amount of money you will have accumulated in the \(401(\mathrm{k})\) and the amount you contributed to the plan?
Make Sense? In Exercises 47-53, determine whether each statement makes sense or does not make sense, and explain your reasoning. By putting \(\$ 10\) at the end of each month into an annuity that pays \(3.5 \%\) compounded monthly, I'll be able to retire comfortably in just 30 years.
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