- Submitted By: assignment16
- Date Submitted: 05/15/2016 10:06 PM
- Category: Miscellaneous
- Words: 337
- Page: 2

DEVRY FIN 515 Week 2 Quiz

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FIN 515 Week 2 Quiz

Question 1

(TCO B) You are a trust fund baby. Your trust fund is currently worth $1,234,000.

The problem is the terms of the trust don’t allow you to receive any of the money

until you are 27. You are now 21. The fund is earning 7.7% per year. How much will

the fund be worth when you are 27 and too old to enjoy it?

Ignore taxes. Show your work. If you use Excel, show the formula with the

parameters, and the answer. If you use a formula, provide the standard formula, the

formula with terms substituted, and the answer. If you use a calculator, show the

inputs and the answer.

Question 2

(TCO B) You have a student loan of $75,000. The interest rate is 8.6% per year. You

have been out of school for 6 months and are ready to start making payments. You

want to use the maximum allowed of 10 years to pay off the loan by making equal

monthly payments. How much are the monthly payments?

Ignore taxes. Show your work. If you use Excel, show the formula with the

parameters, and the answer. If you use a formula, provide the standard formula, the

formula with terms substituted, and the answer. If you use a calculator, show the

inputs and the answer.

Question 3

(TCO B) You want to have $1,000,000 in 30 years. You already have $50,000. You

think you can get a 7% annual return on your money. How much per year will you

have to save to get to $1,000,000?

Ignore taxes. Show your work. If you use Excel, show the formula with the

parameters, and the answer. If you use a formula, provide the standard formula, the

formula with terms substituted, and the answer. If you use a calculator, show the

inputs and the answer.

- DEVRY FIN 515 Week 1 Quiz
- DEVRY FIN 515 Week 6 Quiz
- DEVRY FIN 515 Week 6 Quiz
- DEVRY FIN 515 Week 7 Problem Set
- DEVRY FIN 515 Week 6 Problem Set
- FIN 515 WEEK 2 HOMEWORK ASSIGNMENT
- FIN 515 WEEK 2 HOMEWORK ASSIGNMENT
- FIN 515 WEEK 2 HOMEWORK ASSIGNMENT
- FIN 515 WEEK 2 HOMEWORK ASSIGNMENT
- FIN 515 Week 2 Homework Assignment