A car can be purchased with a $5,000 down payment and 60 monthly payments of rate is 12%, what is the price of the car? When you retire you want to have enough saved in an account that pays 5% to meet your expenses for the next 20 years. You want to be able to withdraw $60,000 at the end of the first year, and after that, the withdrawals will be reduced by 2,000 per year up to the 20th year. How much should you have in the account when you retire