9. You want to be able to withdraw $40,000 each year for 30 years. Your account earns 6% interest.

A. How much do you need in your account at the beginning?

B. How much total money will you pull out of the account?

C.How much of that money is interest?

23. You want to buy a $13,000 car. The company is offering a 3% interest rate for 60 months (5 years). What will your monthly payments be?

28. You can afford a $1050 per month mortgage payment. You've found a 30 year loan at 7% interest.

A. How big of a loan can you afford?

B. How much of that money is interest?

32. You want to buy a $245,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan for the rest.

A. How much is the loan amount going to be ?

B. What will your monthly payments be if the interest rate is 5% ?

C. What will your monthly payments be if the interest rate is 6%?