What would be the value of a savings account started with $690 , earning 5 percent (compounded annually) after 6 years?

What would be the value of a savings account started with $690 , earning 5 percent (compounded annually) after 6 years?

Brenda Young desires to have $23600 saved after 18 years from now for her kid’s college fund. If she will earn 4 percent (compounded annually) on her money, what amount should she deposit now?

What amount would you have if you deposited $9700 a year for 13 years at 3 percent (compounded annually)?

A few years ago, Michael Tucker purchased a home for $114000. Today the home is worth $158000. His remaining mortgage balance is $51000.

Assuming Michael can borrow up to 66 percent of the market value of his home, what is the maximum amount he can borrow?

Kim Lee is trying to decide whether she can afford a loan she needs in order to go to chiropractic school. Right now Kim is living at home and works in a shoe store, earning a gross income of $1770 per month. Her employer deducts a total of $230 for taxes from her monthly pay. Kim also pays $90 on credit card debt each month. The loan she needs for chiropractic school will cost an additional $170 per month.

Calculate her debt payments-to-income ratio with college loan. Don’t forget to convert your answer to a percentage.