An individual started to contribute $3,000 on his 30th birthday into an IRA (individual retirement account) that earned him 8% annual return. On his 65th birthday, he retired after making 35 annual contributions, the last one when he celebrated his 64th birthday. How much has he amassed in his IRA on his 65th birthday? Ans.: $___________.

1. 558306

2. 516950

3. 558360

4. 516.590

B. An individual started to contribute $3,000 on his 30th birthday into an IRA (individual retirement account) that earned him 8% annual return. On his 65th birthday, he retired after making 35 annual contributions, the last one when he celebrated his 64th birthday. If he now wants to buy himself an 25-year annuity that pays end-of-month and earns 6% annual rate of return, how much will he receive each month? Ans.: _________.

• A. 3,579.18
• B. 3,597.18
• C. 3,330.72
• D. 3,303.72

C. An individual started to contribute $3,000 on his 30th birthday into an IRA (individual retirement account) that earned him 8% annual return. On his 65th birthday, he retired after making 35 annual contributions, the last one when he celebrated his 64th birthday. If he now wants to buy himself an 25-year annuity that pays end-of-month and earns 6% annual rate of return, leaves $100,000 as lump sum for his last payment, how much will he receive each month?

• A. 3,168.42
• B. 3,425.87
• C. 3,452.87
• D. 3,186.42

D. You took a 30-year half-million-dollar mortgage at 3% per year. What is your monthly payment? Ans.: _____.

• A. 2,152.80
• B. 2,125.80
• C. 2,180.20
• D. 2,108.02

E. You took a 30-year half-million-dollar mortgage at 3% per year. Midway (i.e., after you've paid the 180th monthly payment), how much equity have your accrued? $__________.

• A. 305,253
• B. 194.747
• C. 201,175
• D. 250,000

F. You took a 30-year half-million-dollar mortgage at 3% per year. What percent of your last payment goes to reduce principal?

• A. 99.75
• B. 92.75
• C. 95.75
• D. 97.75