Question
(1). Byron Otten plans to buy a car in 20 years and will need another $45,010.00 before xhe can do so. Given an interest rate
(1). Byron Otten plans to buy a car in 20 years and will need another $45,010.00 before xhe can do so. Given an interest rate of 8.00% compounded quarterly, how much money does xhe need to set aside today? a. $40,766.94 b. $9,656.81 c. $9,231.99 d. $33,083.69
(2). Renato Studmire is saving for retirement by putting away $15,960.00 every quarter for 20 years how much is this investment worth at the end of 20 years? Assume an interest rate of 4.00%. a. $475,258.13 b. $216,901.61 c. $876,015.77 d. $1,941,877.49
(3). You are looking to buy a car and would like an auto-loan that is 5 years. The dealer tells you that your interest is 11.00%. Given that you think you can afford $850.00 per month, how expensive of a car can you buy? a. $39,094.08 b. $67,590.37 c. $3,141.51 d. $5,293.63
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