Derek plans to retire on his 65th birthday. However, he plans to work part-time until he turns 72.00. During these years of part-time work, he will neither make deposits to nor take withdrawals from his retirement account. Exactly one year after the day he turns 72.0 when he fully retires, he will wants to have $2,659,637.00 in his retirement account. He he will make contributions to his retirement account from his 26th birthday to his 65th birthday. To reach his goal, what must the contributions be? Assume a 10.00% interest rate. Attempts Rem Submit Answer format: Currency: Round to: 2 decimal places. Derek borrows $258,602.00 to buy a house. He has a 30-year mortgage with a rate of 4.84%. After making 117.00 payments, how much does he owe on the mortgage? Submit Attempts Rem Answer format: Currency: Round to: 2 decimal places. Derek borrows $44,705.00 to buy a car. He will make monthly payments for 6 years. The car loan has an interest rate of 6.13%. After a 15.00 months Derek decides to pay off his car loan. How much must he give the bank? Submit Attempts Rem Answer format: Currency: Round to: 2 decimal places. Derek wants to withdraw $12,162.00 from his account 6.00 years from today and $13,084.00 from his account 13.00 years from today. He currently has $3,320.00 in the account. How much must he deposit each year for the next 13.0 years? Assume a 6.82% interest rate. His account must equal zero by year 13.0 but may be negative prior to that. Submit Attempts Rem Answer format: Currency: Round to: 2 decimal places. Derek can deposit $203.00 per month for the next 10 years into an account at Bank A. The first deposit will be made next month. Bank A pays 14.00% and compounds interest monthly. Derek can deposit $2,511.00 per year for the next 10 years into an account at Bank B. The first deposit will be made next year. Bank B compounds interest annually. What rate must Bank B pay for Derek to have the same amount in both accounts after 10 years? Attempts Rem Submit Answer format: Percentage Round to: 4 decimal places (Example: 9.2434%, % sign required. Will accept decimal format rounded to 6 decimal places (ex: 0.092434))
