A.You want to have 1,000,000 saved for retirement when you retire. You are currently 20, and you want to retire at the age of 60. You have found an investment account that pays 3.24% APR compounded monthly. If you deposit money into this account monthly beginning at the end of this month how much do you need to save monthly to meet your goal?

Group of answer choices

$0.01

$12,556.66

$1,019.53

$23,708.01

B.You are able to save $600 a quarter into an investment account that pays a 4.12% APR compounded quarterly. You want to save a 20% down payment for a home, and the average home price in your area is $400,000. This means that you will need $80,000 for a down payment. How many years will it take you to save $80,000 if you begin making deposits into the investment account at the end of the quarter? Group of answer choices

46 years 12 years 21 years 84 years

C.You want to retire 30 years from today. Starting at the end of this month, you are able to save $200 a month into an account that pays a 2.4% APR compounded monthly. How much will you have saved when you retire?

Group of answer choices

$105,295.65

$42,532,220.95

$8,641.97

$6,177.29

D.Your reverse mortgage is going to pay you $30,000 a year for the next 20 years. If the average market interest rate is 5.65%, then what is the current value of this reverse mortgage? Group of answer choices

$359,007.63

$571,336.53

$4,308,091.55

$354,091.80

E.You want to take out a loan for a car for the next 3 years. You can afford a monthly payment of $200. The dealership is offering an interest rate of 9.48% APR compounded monthly. If you make your first payment today, then how much can you afford to borrow to purchase your car? Group of answer choices

$6,245.39

$549.54

$595.31

$2,221.09

F. When you retire in 30 years, you want to receive annual income of $36,000. You expect to live for 35 years in retirement. You expect market interest rates to be 3% APR during your retirement. How much money will you need to have saved by your retirement if you draw the balance of your savings to $0 after 35 years time?

Group of answer choices

$779,524.11

$773,539.92

$64,461.66

$705,615.89

G.When you retire in 30 years, you want to receive annual income of $36,000. You expect to live for 35 years in retirement. You expect market interest rates to be 3% APR during your retirement. You plan to draw the balance of your savings to $0 after 35 years time. Knowing the amount you must have saved for retirement, you must now determine the amount that you need to save each month to meet this goal. You can earn 5.4% APR compounded monthly in an investment account over the next 30 years. If you begin making deposits at the end of this month, then how much must you deposit each month? Group of answer choices

$24,141.21

$702.01

$10,866.15

$862.74

H. You take out a $10,000 student loan your freshman year of college. The loan has an interest rate of 7.3% APR compounded daily. If you make no payments on the loan while you are in college, then what is the balance of the loan when you graduate after 4 years? Group of answer choices

$294,297.56

$10,008.00

$13,225.58

$13,390.64

I. You take out a $10,000 student loan your freshman year of college. The loan has an interest rate of 7.3% APR compounded daily. You make no payments on the loan while you are in college, and you graduate after 4 years. Upon graduation the interest rate on the loan is 9.84% compounded monthly. Knowing the balance on the loan when you graduate, how many years will take you to repay the loan if you make monthly payments of $200?

Group of answer choices 98 years 65 years 5 years 8 years