contemporary math

posted by .

You are the owner of a Jani-King cleaning service franchise. Your accountant has determined that your business will need $27,500 in new equipment in 3 years. If your bank is paying 6% interest compounded monthly, how much must you invest today to meet this financial goal? (Round to the nearest whole dollar.)

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Business Math 205

    Zuck M. Drye Bank is paying 12% interest compounded monthly.How much will $200 deposited at the end of each month be worth after 3 years?
  2. Business Math

    You are the owner of a Jani-King cleaning service franchise. Your accountant has determined that your business will need $27,500 in new equipment in 3 years. If your bank is paying 6% interest compounded monthly, how much must you …
  3. contemporary math

    Quinn and Julius inherited $50,000 each from their great-grandmother’s estate. Quinn invested her money in a 5-year CD paying 1.6% interest compounded semiannually. Julius deposited his money in a money market account paying 1.05% …
  4. contemporary math

    Bob and Joy Salkind want to save $50,000 in 5 ½ years for home improvement projects. If the Bank of Aventura is paying 8% interest compounded quarterly, how much must the couple deposit now to have the money for the projects?
  5. Business Math

    If you are the owner of a Jani- King cleaning service franchise. And your accountant has determined that your business will need $27,500 in new equipment in 3 years. If your bank is paying 6% interest compounded monthly how much must …
  6. Math Refinancing Question

    A person purchased a $205,107 home 10 years ago by paying 10% down and signing a 30-year mortgage at 8.1% compounded monthly. Interest rates have dropped and the owner wants to refinance the unpaid balance by signing a new 15-year …
  7. Math 12

    Ray owns a gym and he needs equipment for a new workout class. He has two different options: 1. Lease equipment for $1100 per month 2. Purchase new equipment for $24000 which he will finance with a bank loan that charges an interest …
  8. Mathematics and investment

    1. Angelo wants to renovate his house in 3 years. He estimates the cost 300,000. How much must Angelo invest now at 8% compounded quarterly in order to have 300,000 3 years from now. 2. Angelo Ancis want to save 500,000 in 5.5 years …
  9. math

    A person purchased a $204,815 home 10 years ago by paying 10% down and signing a 30-year mortgage at 10.2% compounded monthly. Interest rates have dropped and the owner wants to refinance the unpaid balance by signing a new 30-year …
  10. Math 208 (Linear)

    a person purchased a $142,819 home 10 years ago by paying 15% down and signing a 30-year mortgage at 10.5% compounded monthly. Interest rates have dropped and the owner wants to refinance the upaid balance by signing a new 15-year …

More Similar Questions