How much must he put down

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Reference no: EM131989999

1. A retired couple has savings of $800,000 that earns an annual nominal rate of 4% compounded monthly. How long can they withdraw $3000 at the end of each month from that account before the money runs out? Answer in the number of months rounded down to the nearest integer.

2. A man buys a car for $33,000. If the interest rate on the loan is 12%, compounded monthly, and if he wants to make monthly payments of $600 for 48 months, how much must he put down? (Round your answer to the nearest cent.)

Reference no: EM131989999

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