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 .