Math 115 Name: __ Key __

Note: An EXCEL file to let you compute the answers
for your M# can be found__ here__

*This assignment is due by the beginning of
class on Wednesday, 11/20. No late
papers will be accepted.*

*It will be counted as half of your chapter
10 quiz – the other half will be in class on 11/20.*

*You may receive help, and you may
(should?) work with other students to understand how to solve the problems, but
the work you show must be your own.*

*All answers should be accurate to the
nearest cent.*

** Write your MC student M# in the blanks**: M

^{a}^{ b c d e f g h}

*Notice that the digits in your ID have been labeled a – h. These labels will be used in the problems
below.*

1.
You need to take out a car loan for $__ __ __ __ __ __ __ __ __ __ .

^{a}^{ b c d e }

It will be a standard 5 year amortization, at an annual
rate (APR) of ^{ }__ __ . __ __ __ __ %

^{
f
g h}

(So, for example, if your ID is M20123456, you would be borrowing $20,123 at an APR of 4.56%)

What will your monthly payments be? Show your work!

*Put all this together
(with your actual numbers) to get the monthly payments, F.*

2.
Starting on your 20^{th} birthday, you
make monthly deposits into a retirement account.

If your monthly deposit is $ __ __ __ __ __ __ , and the account grows at an APR of ^{ }__ __ . __ __ __ __ % ,

^{ c d e f g }

how
much will the account be worth on your 50^{th} birthday, right before
that month’s payment

* Hint: how many payments have you
made? *

*360 payments are made. In the above example they are $123 each, at
9.45% APR.*

What will the account balance
be on your 60^{th} birthday?