Cathie inherited $$60,000$ for her daughter Lisa's education. Lisa will attend school in slx years and will need $$125,000$ in total. Cathie estimates her investments will grow at a rate of $7\%$ per year. How much will Cathie need to save monthily to fully fund Lisa's education?

A$.$ Approximately $$400$ per month

B$.$ Approximatety $$500$

C$.$ Approximately $$1,400$

D$.$ Approximately $$4,900$

Lance is an excellent golfer. Hits father, Bryant, believes at least half of Lance's tuition will be paid for by a golf scholarship. Currently, Lance's school of choice is very inexpensive, $$12,000$ per year. However, over the next seven years, that tultion will grow considerably at a rate of $12\%$ per year until Lance enters school. It is expected to increase only $5\%$ per year while Lance is in school. Bryant manages his money well and believes he can earn $10\%$ yearly. How much will Bryant need to save each year to pay the remaining balance on his son's four$-$year education?

A$.$ Approximately $$4,500$ annually.

B$.$ Approximately $$5,000$ annually.

C$.$ Approximately $$9,500$ annually

D$.$ Approximately $$7,000$ annually

Your client would like to send his ten$-$year$-$old child to college in $8$ years. The cost for this college is $$45,000$ in today's dollars. If the CPI is $3\%$ and the inflation rate for college costs is $6\%,$ how much will the client need to have saved up to pay for the first year of college, assuming monthly compounding?

A$.$ $$57,005$

B$.$ $$57,189$

C$.$ $$571,723$

D$.$ $$72,636$

The U$.$S$.$ Department of Education offers four income$-$driven repayment plans. These plans have several general guidelines. All of the following are true except

A$.$ Repayments are $10\%$ to $20\%$ of discretionary income.

B$.$ The repayment period for plans range from $20$ to $25$ vears $($excluding plans that are eligible for Public Service Loan Forgiveness$).$

C$.$ REPAYE plans have a shorter repayment period for undergraduate studies as compared to graduate or professlonal studies.

D$.$ Direct PLUS Loans in the name of the parent are eligible for the PAYE and REPAYE income$-$driven repayment plans.