question archive 1) You want to buy a $18,500 car
1) You want to buy a $18,500 car
Subject:FinancePrice: Bought3
1) You want to buy a $18,500 car. The company is offering a 3% interest rate for 4 years.
a. What will your monthly payments be? Round to the nearest cent
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b. Assuming you pay that monthly amount for the entire 4 years, what is the total amount of money you will pay during those 4 years for the car?
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c. How much interest will you pay during those 4 years?
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2. 1. You have $500,000 saved for retirement. Your account earns 7% interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 30 years?
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