Author Question: Starting one month from now, you would like to withdraw $200 per month from your bank account to pay ... (Read 100 times)

Themember4 · **on:** Apr 25, 2021

Question 1

South Penn Tracking is financing a new truck with a loan of $10,000 to be repaid in 5 annual end-of-year installments of $2,504.56. What annual interest rate is the company paying?
◦ 7%
◦ 8%
◦ 9%
◦ 10%
◦ 11%

Question 2

Starting one month from now, you would like to withdraw $200 per month from your bank account to pay for your university education. You expect the education (and the withdrawals) to last for the next four years. If the account pays 0.3% interest per month, how much money must you have in your bank account today to support your future needs?
◦ $8,928.37
◦ $7,157.02
◦ $6,711.11
◦ $8,794.50
◦ $7,263.00

cassie_ragen · **Reply #1 on:** Apr 25, 2021

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