Question
1. You recently borrowed $23,000 to buy a new car. You plan on making payments every month for 4 years until you repay the loan.
1. You recently borrowed $23,000 to buy a new car. You plan on making payments every month for 4 years until you repay the loan. If the interest rate on your loan is 7.4%, what are your monthly payments? Submit your answer in dollars and round to two decimal places (Ex. $00.00).
2. Armin's wonderful parents established a college savings plan for him when he was born. They deposited $73 into the account on the last day of each month. The account has earned 11.5% compounded monthly, tax-free. How much can they withdraw on his 18th birthday to spend on his education? Round to two decimal places (Ex. $00.00)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started