Explore BrainMass

# Annuities Due, Number of Periods, Interest Rates, Future Values

This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

Calculating Annuities Due

You want to buy a new sports car from Muscle Motors for \$32,000. The contract is in the form of a 72-month annuity due at a 7.75 percent APR (compounded monthly). Your monthly payment will be \$? . (Round your answer to 2 decimal places, e.g. 32.16.)

Calculating the Number of Periods

At 12 percent interest, it would take years to double your money, and years to quadruple it. (Round your answer to 2 decimal places, e.g. 32.16.)

Calculating Interest Rates and Future Values

In 1895, the winner of a competition was paid \$180. In 2006, the winner's prize was \$2,568,000. This is a percent (Do not include the percent sign (%). Round your answer to 2 decimal places, e.g. 32.16.) increase in the winner's prize over this period. If the winner's prize increases at the same rate, it will be \$ in 2040. (Do not round your intermediate values. Round your answer to the nearest whole number, e.g. 32.)