9320 all 5? - ( Back SP22 Project 8.docx @ 2. You want to uy a ' 2 ,500 car, T 6 company 18 o ermg a 4% interest rate for 5 years. a. What will your monthly payments be? Round to the nearest cent. b. Assuming you pay that monthly amount for the entire 5 years, what is the total amount of money you will pay during those 5 years for the car? c. How much interest will you pay during those 5 years? 3. You have $400,000 saved for retirement. Your account earns 6% interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 25 years? 4. Suppose you want to have $700,000 for retirement in 25 years. Your account earns 9% interest. a) How much would you need to deposit in the account each month? b) How much interest will you earn? 5. You deposit $2300 in a savings account paying 6.5% simple interest. The solution to this problem is not accomplished by an excel formula. Use the formula I = PRT where T is in years. to I'Q E Dashboard Calendar To Do Notifications Inbox 9320 all 5? - ( Back SP22 Project 8.docx @ c. How much interest will you pay during those 5 years? 3. You have $400,000 saved for retirement. Your account earns 6% interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 25 years? 4. Suppose you want to have $700,000 for retirement in 25 years. Your account earns 9% interest. a) How much would you need to deposit in the account each month? b) How much interest will you earn? 5. You deposit $2300 in a savings account paying 6.5% simple interest. The solution to this problem is not accomplished by an excel formula. Use the formula I = PRT where T is in years. a) How much interest will you earn in 18 months? b) How much will be in your account at the end of 18 months? co I'Q E Dashboard Calendar To Do Notifications Inbox