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What is the payment amount would be expected to pay

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Question 1: If buy a $20,000 car and the dealer offers you a 5-year loan with an 5 percent APR. What are the monthly payments?

Question 2: What is the interest rate of a 4-year, annual $1,000 annuity with present value of $3,500?

Question 3: If decided to purchase a car for $10,000. The dealer offers to finance the car at 8% interest. What is the payment amount would be expected to pay?

Question 4 My wife realized that she has charged too much on her credit card and has racked up $5,000 in debt. If she can pay $150 each month and the card charges 18 percent APR (compounded monthly), how long will it take her to pay off the debt?

Question 5: My aunt 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?

Question 6: My son 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?

Reference no: EM132505496

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