Answer:
1. John Jamison Approximately how long will it take John to reach his goal?
8.
2. Jasmine Company What is the interest rate implicit in this agreement?
8,77%
3. Sam Robinson What is the annual payment Sam must make to pay back his friend?
2416,815107
Explanation:
PV x Int Rate x+int.rate N y y*PV
1. John Jamison 30000 1 10% 110% 8 2,143 64307,6643 64307
2.Jasmine Company N Monthly principal interest Net value
33.494
1 6.000 3.062 2.937 30.432
2 6.000 3.331 2.669 27.101
3 6.000 3.623 2.377 23.477
4 6.000 3.941 2.059 19.536
5 6.000 4.287 1.713 15.250
6 6.000 4.662 1.337 10.587
7 6.000 5.071 929 5.516
8 6.000 5.516 484 0
Loan 33494
Monthly: 8
Interest: 8,77%
Monthly payment 6.000
3. Sam Robinson N Monthly principal interest Net value
15000
1 2416,815107 766,815107 1650 14233,18489
2 2416,815107 851,1647687 1565,650338 13382,02012
3 2416,815107 944,7928933 1472,022214 12437,22723
4 2416,815107 1048,720112 1368,094995 11388,50712
5 2416,815107 1164,079324 1252,735783 10224,4278
6 2416,815107 1292,128049 1124,687058 8932,299746
7 2416,815107 1434,262135 982,5529721 7498,037611
8 2416,815107 1592,03097 824,7841372 5906,006641
9 2416,815107 1767,154376 649,6607306 4138,852265
10 2416,815107 1961,541358 455,2737492 2177,310907
11 2416,815107 2177,310907 239,5041998 0
