Reference no: EM132801743
1- You deposit $2000 each year into an account earning 7% interest compounded annually. How much will you have in the account in 15 years?
2- Suppose you want to have $700,000 for retirement in 25 years. Your account earns 5% interest. How much would you need to deposit in the account each month?
3- Suppose you invest $180 a month for 3 years into an account earning 6% compounded monthly. After 3 years, you leave the money, without making additional deposits, in the account for another 28 years. How much will you have in the end?
4-You have $500,000 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?
5-You have $500,000 saved for retirement. Your account earns 7% interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 25 years?
6-You want to be able to withdraw $35,000 each year for 20 years. Your account earns 4% interest. How much do you need in your account at the beginning?
7-You want to be able to withdraw $20,000 from your account each year for 20 years after you retire. You expect to retire in 25 years. If your account earns 7% interest, how much will you need to deposit each year until retirement to achieve your retirement goals? (round answer to the nearest cents)
8-You want to buy a car. The loan amount will be $26,000. The company is offering a 4% interest rate for 48 months (4 years). What will your monthly payments be?
9-You can afford a $450 per month car payment. You've found a 3 year loan at 6% interest. How big of a loan can you afford?
10-You want to buy a $20,000 car. You can make a 10% down payment, and will finance the balance with a 5% interest rate for 36 months (3 years). What will your monthly payments be?
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