16. You want to buy another vehicle and know you can afford 110 month for 6 years. The w th for 6 years. The interest rate is 15 percent, compounded monthly. How much money can you afford to borrow A. S12,600.00 B. S13,582.63 C. $16,429,37 D. $18,953.07 17. The Come Rank The Corner Bank is offering you a credit card with an APR of 13 percent. The bank compounds the interest rate on a monthly basis. What is the effective annual rate! A. 12.68 percent B. 13.69 percent C. 13.80 percent D. 14.03 percent 18. Over the past 30 years your parents saved money each month for their retirement. They retired this week and expect to live another 30 years. Their investment account is currently valued at $500,000 and is expected to earn 5 percent annually in the future. How much money can they withdraw annually it they wish to spend all of their money during their lifetime? A. $25,000.00 B. $32,209.30 C. $32,525.72 D. $40,149.59 19. Suzie has $16,000 in her investment account today. She plans to contribute S200 every month starting this month. She can earn 5 percent interest, compounded monthly. How much money will she have in her account three years from now? A. S16,821.87 B. $18,509.53 C. $26,334.22 D. $26,997.91 20. You just won a prize and will receive $5,000 today plus $5,000 one year from now. What is this prize worth to you today if you can earn 10 percent annually on your investments? A. $9,545.46 B. $9,587.16 C. $10,000.00 D. $10,450.00