How much will be in the account at the end of 10 years

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a) A retirement account has $40,000 in it and earns 12% interest per year compounded monthly. At the end of every month for the next 12 years you will deposit $200 into this account. How much will be in the account at the end of 10 years? (Round to the nearest dollar.)

b) A teacher purchases a car for $23,500 and finances the entire amount at an annual interest rate of 5.9% for 5 years. What is the monthly payment?

Reference no: EM13256957

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