Question

1. You receive a ​$5 comma 000 check from your grandparents for graduation. You decide to save it toward a down payment on a house. You invest it earning 6​% per year and you think you will need to have ​$10 comma 000 saved for the down payment. How long will it be before the ​$5 comma 000 has grown to ​$10 comma 000 ​? To double the money you received from your​ grandparents, it will take nothing years.  ​(Round to one decimal​ place.)

2. When you purchased your​ car, you took out a​ five-year annual-payment loan with an interest rate of 5.7 % per year. The annual payment on the car is $ 4 comma 900. You have just made a payment and have now decided to pay off the loan by repaying the outstanding balance. What is the payoff amount for the following​ scenarios? a. You have owned the car for one year​ (so there are four years left on the​ loan)? b. You have owned the car for four years​ (so there is one year left on the​ loan)? a. You have owned the car for one year​ (so there are four years left on the​ loan)? The payoff if you have owned the car for one year​ (so there are four years left on the​ loan) is ​$ nothing. ​(Round to the nearest​ cent.) b. You have owned the car for four years​ (so there is one year left on the​ loan)? The payoff if you have owned the car for four years​ (so there is one year left on the​ loan) is ​$ nothing. ​(Round to the nearest​ cent.)

Answer 1

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