A child's grandparents have opened a 574895 savings account for the child on the day of her birth. The account pays 1.1% compounded semiannually. The child will be allowed to withdraw the money when she reaches the age of 19. What will the account be worth at that time?
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- You want to buy a $32,000 car. You can finance the car for 1.5% interest for 6 years. What is your monthly payment? Assume monthly compounding. Do not enter the negative sign from your calculator (if there is one) or the dollar sign. Round to two decimal places.You borrow $700,000 at 3% interest for 30 years on a mortgage. How much total will you pay back on the loan? Assume monthly compounding and round to two decimal places. Hint: Multiply the number of payments by the amount of the payment.A bank is negotiating a loan. The loan can either be paid off as a lump sum of $100,000 at the end of four years, or as equal annual payments at the end of each of the next four years. If the interest rate on the loan is 10%, what annual payments should be made so that both forms of payment are equivalent?
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