These finance courses are new to me and I am not good at math. Can someone pleas
ID: 2683458 • Letter: T
Question
These finance courses are new to me and I am not good at math. Can someone please help me solve these two problems by inputting this into my HP 10bII calculator. I just don't know how to solve problems using a financial calculator. Thanks in advance.Question 1:
Elegant designers have generated sales of $625,000 for the current year. If they can grow their sales at a rate of 12% every year, how long will they take to triple their sales?
Question 2:
You plan to buy a new car. The price is $30,000 and you will make a down payment of $4,000. Your annual interest rate is 10% an you intend to pay for the car over five years. What will be your monthly payment?
Explanation / Answer
1. 625000x1.12^n= 1875000 n= 9.69 rounding off will give 10 years. 2. 26000= monthly payment x PVIFA(.8333%, 60) monthly payment= 216.658
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