Finance

1) You deposit $400 each month into an account earning 8% interest compounded monthly. a) How much will you have in the account in 20 years? $?

b) How much total money will you put into the account? $?

c) How much total interest will you earn? $?

2) You deposit $5000 each year into an account earning 4% interest compounded annually. How much will you have in the account in 25 years? $?

3) Suppose you want to have $700,000 for retirement in 30 years. Your account earns 5% interest. a) How much would you need to deposit in the account each month? $?

b) How much interest will you earn? $?

4) You have $500,000 saved for retirement. Your account earns 9% interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 15 years? $?

5) You want to be able to withdraw $30,000 each year for 20 years. Your account earns 10% interest. a) How much do you need in your account at the beginning? $? b) How much total money will you pull out of the account? $? c) How much of that money is interest? $?

6) You can afford a $1350 per month mortgage payment. You've found a 30 year loan at 8% interest. a) How big of a loan can you afford? $? b) How much total money will you pay the loan company? $? c) How much of that money is interest? $?

7) You want to buy a $14,000 car. The company is offering a 3% interest rate for 48 months (4 years). What will your monthly payments be? $?

8) You want to buy a $226,000 home. You plan to pay 10% as a down payment, and take out a 30 year loan for the rest. a) How much is the loan amount going to be? $? b) What will your monthly payments be if the interest rate is 6%? $? c) What will your monthly payments be if the interest rate is 7%? $?