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.