How big of a loan can you afford

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Reference no: EM131619665

1. You can afford a $200 per month car payment. You've found a 3 year loan at 4% interest. How big of a loan can you afford?

2. You have $400,000 saved for retirement. Your account earns 6% interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 20 years?

3. You have $2,500 on a credit card that charges a 21% interest rate. If you want to pay off the credit card in 4 years, how much will you need to pay each month (assuming you don't charge anything new to the card)?

Reference no: EM131619665

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