1. A 30 year mortgage of $80,000 has an annual interest rate of 12%compounded monthly. If the borrowers decide to pay off the loan fully in 15 years rather than 30, the new monthly payment should be ?
2. A computer sells for $4,500 and has a useful life of 4 years. The computer can be leased with a $500 down payment plus $100 per month for 4 years. If the current interest rate is 9.24%, the best option is to lease it or buy it?
3. The annual interest rate is 12% compounded quarterly. The quarterly deposit that will produce $5000 in 4 years is ?(how much)
4.A bond has a face value of $1,000 and is due in 12 years. It pays $60 interest every six months. If the current interest rate is 16% compounded semi-annually, the value of the bond is ?(how much)
5. A company's sales in years 1 and 4 are 15.0 million and 22.5 million dollars, respectively. The linear function for sales S in terms of years x is ?