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DEVRY FIN 515 Week 2 Quiz .pdf

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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.