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Calculate the balance of account

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You deposit $50 per week into a savings account that pays 4% interest. Calculate the balance of your account after 25 years.

Problem

Suppose that you have a child and want to put money into an account for their college fund. You want the money to be worth $250,000 when they attend college in 18 years. If you can expect a 7% return, calculate the amount of money you need to deposit into the account each quarter.

Problem

Heinz takes out a $50,000 home renovation loan that will be repaid monthly over 10 years. If his loan was approved at a rate of 4.18%, how much will Heinz have to repay each month?

Reference no: EM131868852

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