Financial Concepts

Abby wants to purchase a new car that will cost $24,000.She will make a down payment of $2,500 and will borrow the rest.The annual interest rate on the loan is 4.65%.The monthly principle and interest payments will be $350.00.How many monthly payments will Abby have to make to pay off the car loan?
Which model financial calculator are you using___________________________

Judy needs to purchase some new appliances for her new condo.The appliances will cost $1,640.The store is offering a special for the financing of the appliances.The terms are 24 months with a minimum monthly payment of $90.What annual interest rate is Judy being charged?
Steven wants to save for a family vacation in 3 years.The cost of the vacation will be $16,500.He plans to invest in a mutual fund that will earn 7.2% annually.To reach his goal, how much does Steven need to invest today?
Meredith wants to begin a retirement savings account.She plans on retiring in 42 years and wants to accumulate $2,200,000 by the time she retires.If she is just beginning her savings and can earn 9.2% on her investments, how much will she need to save each month?
Wil just learned that 72 years ago his aunt left him $7,500 in an investment which paid 4.8% annual interest.What is the value of that investment today?
Aubrey has an opportunity to invest $10,000 in a Certificate of Deposit (CD) that will pay her 2.78% annually.When the CD matures in 6 years, how much will Aubrey receive?Note: CD’s only pay interest at the end of the period.
Assume the same facts as in 6) above, except the interest will be compounded semi-annually.When the CD matures in 6 years, how much will Aubrey receive?
Assume the same facts as in 6) above, except the interest will be compounded monthly.When the CD matures in 6 years, how much will Aubrey receive?
Evan purchased a house and obtained a $380,000 fully amortized level payment 15-year mortgage.The mortgage’s annual interest rate is 4.82%.What will be Evan’s monthly blended principal and interest payment?

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