#1
Hard to tell. Were there no payments made?
If none were made then ....
x(1.056)^4 = 8,996.32
solve for x
#2
current value = 1000000(.96)^5
= ....
(time to get out of that investment)
The balance on a car loan after 4 years is $8,996.32. The interest rate is 5.6% compounding annually. What was the initial value of the loan?
An investment made in the stock market decreased at a rate of 4% per year for 5 years. What is the current value of the $1,000,000 investment? Include your calculations in your final answer.
1 answer
2 answers