a)

Fritz Benjamin buys a car costing $21800 He agrees to make payments at the end of each monthly period for 7 years. He pays 8.4% interest, compounded monthly. What is the amount of each payment? Find the total amount of interest Fritz will pay.

Fritz's monthly payment is $______. (Round to the nearest cent.)

Fritz will pay a total of $______ in interest. (Round to the nearest cent.)

b)

A student borrows $51,300 at 7.2% compounded monthly. Find the monthly payment and total interest paid over a 20 year payment plan.

The payment size is $______. (Round to the nearest cent.)

The total interest paid over the 20 years is $______ (Round to the nearest cent.)

c)

Find the accumulated value of an IRA account into which $500 is invested at the end of each quarter at an interest rate of 2.8% compounded quarterly if you start the IRA at age

25 and retire at age 60.

What is the accumulated value of the IRA?

A. $113,511.44

B. $108,781.79

C. $834,944.49

D. $118,241.08