Question
A) Kevin has two retirement plans. one is a lump sum distribution paid upon retirement. the other is 11 years of monthly payments, with the
A) Kevin has two retirement plans. one is a lump sum distribution paid upon retirement. the other is 11 years of monthly payments, with the first of the 132 payments made upon retirement and an interest rate of 7.7%. if Kevin has accumulated enough for a lump sum of$201,300, how much would his monthly payments be if he chooses the second option?
B) sam will contribute every month, starting October 17, 2020, for 23 years (276 contributions) to reach $382,500. how much will she need to contribute if it earns 6.8% interest?
C) Justin will contribute $908 every month, beginning in one month, for 22 years (264 contributions) to reach $824,500. what rate of return does he need to earn?
D)Jacob agreed to begin borrowing $387 every month, starting today and continuing for 72 months, and then paying them $34,100 on September 17, 2026. what is the implied interest rate?
E) dan is borrowing $22,700 from his grandparents today at an interest rate of 4.8%. he will make monthly payments, beginning on October 117, 2020 and extending to September 17, 2025, to repay the loan. how much will his monthly payments be?
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