Savings and loans

Savings and loans
Savings and loans
Bill start saving for his retirement with an initial $1000 deposit and an additional $100 each month. He does this for 40 years and earns 8% compoind interest on the average.
Initial amount $1,000.00 APR (Annual percentage rate)
Interest rate 8.00%
Length 40 years
Monthly Deposit $100.00
Final amount $373,374.17
Total payments $49,000.00
Interest earned $324,374.17

Ted has made $10000 in loans for his college tuition. She promises to pay it off in 5 years in equal monthly payments. He pays 3% interest compounded monthly.What is her payment?
Initial amount 10000
Interest rate 3%
Years 5 APR
Monthly payment $179.69

Sue plans to buy an car when she graduates in 2 years so she starts a savingsaccount. She wants to make a down payment of $5000. She earns 2% APR on the account.
Interest rate 2% APR compounded weekly
Length 2 years
Final amount $5,000
Weekly payment $47.13

Joe bought a savings bond that paid 4% APR compounded annually for 20 years.Today it is worth $5000. What did the bond cost when it was purchased?
Interst rate 2%
Length 20 years
Final value $5,000
Beginning value $3,364.86
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