question archive 7) You have $300,000 saved for retirement
7) You have $300,000 saved for retirement
Subject:MathPrice: Bought3
7) You have $300,000 saved for retirement. Your account earns 8% interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 20 years?
8 You want to buy a $28,000 car. The company is offering a 4% interest rate for 48 months (4 years). What will your monthly payments be?
9 Suppose you want to have $300,000 for retirement in 20 years. Your account earns 9% interest. How much would you need to deposit in the account each month?
10 You have $4,000 on a credit card that charges a 22% interest rate. If you want to pay off the credit card in 3 years, how much will you need to pay each month (assuming you don't charge anything new to the card)?
11 You can afford a $1200 per month mortgage payment. You've found a 30 year loan at 6% interest.
a) How big of a loan can you afford?
$
b) How much total money will you pay the loan company?
$
c) How much of that money is interest?
$
