Wednesday, March 4, 2009

BRAINTENANCE QUIZ: 3/3/09 and 3/4/09

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Dear Friends:

I have supplied you with a wonderful tool for solving various financial questions (although I wish I could solve all of our financial problems as well) in the form of a screen and some very useful financial computational tables. This tool is located above the big "BRAINTENANCE" sign above these articles.

Using those wonderful tables, you should be able to answer these financial questions without too much difficulty. The skill sets required are 1) common sense, and 2) the ability to utilize calculator tools. No manual computations are required!

1. What will my monthly mortage payment be on a loan of $300,000.00 for 20 years at 6%?

2. How much money must I deposit each month into an account bearing interest at 7% per annum to accumulate the total sum (the "Future Value") of $25,000 at the end of 20 years?

3. What sum must I invest today, at 8% interest per annum, in order to accumulate a future sum of $15,000 in 12 years?

Good luck!


Douglas Castle

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