Find the principal needed to get $700 in 4 years at 4% compounded monthly. Princ

Question

Find the principal needed to get $700 in 4 years at 4% compounded monthly.
Principal = $  

In 4 years Harry and Sally would like to have $22000 for a down payment on a house. How much should they deposit each month into an account paying 13% compounded monthly?
Answer = $

Find the amount after 5 years if $1100 is invested at 7% compounded:
a) Annually
Amount = $  
b) Semiannually
Amount= $  
c) Quarterly
Amount= $  
d) Monthly
Amount= $

Stereo Inc. sells a stereo system for $500 down and monthly payments of $50 for the next 5 years. If the interest rate is 2.25% per year, find:
a) The cost of the stereo.
Answer = $  
b) The total amount of interest paid.
Answer = $

What annual rate of interest compounded annually is required to double an investment in 5 years?
Rate =  %

Explanation / Answer

A

A

Monthly Rate = 4/12 = 0.33%

Let the principal be

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