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# Interest Project

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by

## Kyla Thomasson

on 28 October 2016

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#### Transcript of Interest Project

INTEREST Project
College: GTCC
Tuition Cost: \$4,632 for 2 years
Simple Interest: \$2,501.28
( \$4,632 x .054 x 10)
Compounded Monthly: \$7,938.92
( \$4,632 ( 1 + .054/12 ) ^ 12 x 10 )
Compounded Continuously: \$7,948.54
( \$4,632 e ^ .054 x 10 )

Monthly Loan Payments:
Simple: \$59.44
( \$2,501 + \$4,632 = \$7,133.28/120 )
Compound Monthly: \$66.15
( \$7,938.92/120 )
Compound Continuously: \$66.24
( \$7,948.54/120 )
Home
Monthly: \$517

Rate: 2.7% for 5/1 AMP

Simple: \$290,997
( \$256,385 x .027 x 5 = \$34,612 + \$256,385 )

Compound Monthly: \$293,398
( \$256,385 ( 1 + .027/12 ) ^ 12 x 5 )

Compounded Continuously: \$293,442
( \$256,385 e ^ .027 x 5 )

Reflection
Guess I gotta get a sugar daddy to pay my way through college, buy me a car, and a home. No, but in all seriousness things are really expensive and I've decided to drop out and be a hobo. Your efforts to teach me math are futile Mrs. Larue, but this project has taught me a lot even though I probably did some of it wrong.
Car: 2014 Mercedes Benz C-Class C250 Sport
Rate: 3.3%
Length of loan: 60 months

Monthly: \$379

Simple: \$62,282
( \$20,900 x .033 x 60 = \$ 41,382 + \$20,900 )

Compounded Monthly: \$150,963
( \$20,900 ( 1 + .033/12 ) ^ 12 x 60 )

Compounded Continuously: \$151,373
( \$20,900 e ^ .033 x 60 )
Sources
www.zillow.com/homedetails/7394-E-28th-Ave-7384-Denver-CO-80238/63358034_zpid/

supportservices.gtcc.edu/tuition-rates-fees/

www.valuepenguin.com/best-cheap-homeowners-insurance-north-carolina

www.cargurus.com/cars/I-Used-2014-Mercedes-Benz-C-Class-C250-Sport-t53596#listing=155039717

Kyla Thomasson