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1 . You wish to buy a car with a $ 2 8 , 0 0 0 bank loan. The APR is 7 . 6

1. You wish to buy a car with a $28,000 bank loan. The APR is 7.6% and you will be paying off the car in 5 years (making monthly payments, of course). What is your monthly payment going to be?
2. You are buying a house with a $275,000 mortgage. The interest rate (APR) is 6.4%. You will be paying the house off in 30 years. What is your monthly payment?
3. Save $1000 every year at 7% for 25 years and you will have how much in the end?
4. You expect to retire with an $800,000 nest egg. If you put all of your money into an accounting earning 4% per year, how much will you be able to spend per year in retirement?
5. A new TV will cost you $2500. You will be financing it at 12% interest for 3 years. What will your monthly payment be?
6. You wish to buy a new boat in 5 years. The boat will cost you $100,000. If you can earn 7% on your money, and make monthly payments, how much will you have to save each month in order to buy your new boat five years from now?
7. A man currently has $250,000 in the bank earning 6% per year. He is also currently saving $5000 per year at 7% interest. How much money will he have in his retirement accounts in 20 years?
8. Refer to the man in Problem 7 above. If he plans to live 30 years after retirement, how much money will he have to live on each year if his retirement savings accounts earn 4% per year?
9. A man currently has $50,000 in a retirement account earning 6% per year. He wishes to have $2 million when he retires in 40 years. How much money must he save each year at 7% in order to reach his savings goal?
10. Save $10 every week for the next 35 years at 7%. How much will you have at the end of 35 years?

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