#6 You are now planning your own retirement. You feel that you can retire comfortably if you can amass $1,093,330. You also believe that you can manage to save $5,972 per year after you start your first job after you graduate from Tarleton State University. You will be starting with an investment account with $0 in it. If you think you can earn 14.34% per year in your retirement/investment account, how long will you have to work before you can retire? Please enter you response with two significant decimal places - for instance 12.34776 years would be entered as 12.35.

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#7. You have purchased a car and have borrowed $26,877, which is the full price of the car. You will be making monthly payments for 7 years. If your interest rate on the loan is 5.16%, From your first monthly payment, how many dollars will be allocated to the principal? Round to the nearest penny and enter your answer in the box below.