Reference no: EM132801760
Questions -
Q1. Joey realizes that he has charged too much on his credit card and has racked up $5,000 in debt. If he can pay $150 each month and the card charges 18 percent APR (compounded monthly), how long will it take him to pay off the debt?
Q2. Monica has decided that she wants to build enough retirement wealth that, if invested at 7 percent per year, will provide her with $3,000 monthly income for 30 years. To date, she has saved nothing, but she still has 20 years until she retires. How much money does she need to contribute per month to reach her goal?
Q3. Hank purchased a $28,000 car two years ago using an 8 percent, 5-year loan. He has decided that he would sell the car now, if he could get a price that would pay off the balance of his loan. What is the minimum price Hank would need to receive for his car?
Q4. Using the same data that is in problem #9, how much principle did Hank pay during the 12 months he had his car?
Q5. What is the future value of a $500 annuity payment over eight years if interest rates are 14 per 14 percent?
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