# FIN 515 Week 2 Quiz

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## FIN 515 Week 2 Quiz

1. Question: (TCO B) Your daughter has just given birth to your first grandchild. You decide to start a college fund for the child. You want the fund to have \$300,000 in it when the child turns 18. You think you can get a return of 10% per year on your investment. How much should you deposit in the fund?

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.

2. Question: (TCO B) You want to buy a car. To do so, you will need to take out a loan in the amount of \$22,000. The longest you are willing to pay on the loan is five years. The interest rate on this type of loan is 5.0% per year.

How much will the equal monthly payments be?

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.

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3. Question: (TCO B) You want to have \$1,000,000 in 30 years. You already have \$50,000. You think you can get a 7% annual return on your money. How much per year will you have to save to get to \$1,000,000?

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.