Using a BA II Plus, explain how to complete 5 problems using TVM functions
Not what you're looking for?
After graduation, you plan to work for Mega Corporation for 10 years and then start your own business. You expect to save $5,000 a year for the first 5 years and $10,000 annually for the following 5 years, with the first deposit being made a year from today. In addition, your grandfather just gave you a $10,000 graduation gift which you will deposit immediately. If the account earns 8% compounded annually, what how much will you have when you start your business 10 years from now?
A 30-year, $115,000 mortgage has a nominal annual rate of 7%. All payments are made at the end of each month.
10. What is the monthly payment on the mortgage?
$765.0979
11. What is the remaining balance on the mortgage after 5 years?
12. How much of your 2nd monthly payment will go toward the repayment of principal?
Purchase this Solution
Solution Summary
The solution explains how to complete five problems using the TVM functions.
Solution Preview
ANSWERS
After graduation, you plan to work for Mega Corporation for 10 years and then start your own business. You expect to save $5,000 a year for the first 5 years and $10,000 annually for the following 5 years, with the first deposit being made a year from today. In addition, your grandfather just gave you a $10,000 graduation gift which you will deposit immediately. If the account earns 8% compounded annually, what how much will you have when you start your business 10 years from now? ...
Purchase this Solution
Free BrainMass Quizzes
Business Processes
This quiz is intended to help business students better understand business processes, including those related to manufacturing and marketing. The questions focus on terms used to describe business processes and marketing activities.
Situational Leadership
This quiz will help you better understand Situational Leadership and its theories.
Marketing Management Philosophies Quiz
A test on how well a student understands the basic assumptions of marketers on buyers that will form a basis of their marketing strategies.
Team Development Strategies
This quiz will assess your knowledge of team-building processes, learning styles, and leadership methods. Team development is essential to creating and maintaining high performing teams.
Organizational Behavior (OB)
The organizational behavior (OB) quiz will help you better understand organizational behavior through the lens of managers including workforce diversity.