8.) How much money do you need to have in the bank to pay for a 4 year college degree if tuition is $12,000 per year and your bank gives you 4% interest. 9.) What is the effective annual rate on a 18% APR loan if interest is compounded monthly? Stumper 10.) How much do you need to save each month for 30 years in order to retire on 145,000 a year for 20 years assuming an interest rate of 10%