with Finance Questions - Clarification with Steps

[supergenius04]

Hello,

I have some questions which I wanted to clarify because I was finding them a bit confusing.
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1. Jacob invests \$1,500 at 4.3% compounded monthly, what is the value of the investment after 2 and a half years?

2. Alexander deposits \$70 monthly into an account which pays 2.7% compounded semi-annually. How much remains in the account after 3 years?

3. Michelle borrowed \$300000 to buy a new home at 7.3% compounded quarterly. If the amortization on the mortgage is 25 years, what is her monthly payment?

4. Jerry owes \$5700 to the bank at 2.5% compounded monthly. He can manage payments of \$500 per month. How long will it take to pay off the debt? (Use a TVM solver)

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5. To save for college, Charlene invested her summer earnings of \$4200 in an account with 6.2% interest per annum, compounded semi-annually. She plans to leave the money in the account for 4 years.

a) What amount of the money will she have at the end of the 4 years?
b) How much interest will she have earned?

6. Amy wants to have \$6500 to buy furniture when she moves into an apartment in 3 years. How much should she invest today at 6.3% per annum, compounded monthly?

7. Gail's grandmother saved for a trip by depositing \$400 at the end of each month for 18 months. The account earns 4.8% per annum, compounded monthly. How much will be in the account when the last deposit is made?

 

[MarkFL]

Hello and welcome to MHB, supergenius04! :D

We ask that no more than 2 questions be asked in a thread, and if a question has multiple parts please only ask that one question.

We also ask that people posting questions show what they have tried so our helpers know where you are stuck, and will then know how best to help.

Can you show us what you have tried?