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Select Answers to the Finance Review Sheet

#### Problem 1

$483.99 savings
$3615.81 put in
check that 87.235 years is an answer that makes sense with your formula
3,000 = 350 (1+rate/12)^(5*12)
#### Problem 2

$24,735.89 savings
with $21,000 put in total
and $3735.89 interest
$70.75 put in each month
with $4245 put in total
and $755 interest
100,000 = 350 ((1+.065/12)^(years*12)-1)/(.065/12)
Using Excel, it takes 14.43 years. Using this answer,
I put in $60,606 total and pay $39,394 in interest
15,000 = 350 ((1+rate/12)^(3*12)-1)/(rate/12)
#### Problem 3

$27,000 loan
$528.29 monthly payment
$31,697.40 put in total
$4697.40 interest
27000*(.065/12)/(1-((1+.065/12)^(-years*12)))=100