How much money do you need in a retirement account earning

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How much money do you need in a retirement account earning 8% annual interest compounded monthly to be able to withdraw $2,500 per month for 30 years? Sally bought a new car by taking out a $12,000 car loan. The loan accrues 13% interest compounded monthly. Sally decides she'll pay $500 a month into the loan. How long until the loan is paid of ?

Reference no: EM13622958

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