FINANCE

5.

5A.

You deposit $5000 in an account earning 8% interest compounded monthly. How much will you have in the account in 15 years?

5B.

You can afford a $350 per month car payment. You've found a 3 year loan at 2% interest. How big of a loan can you afford?

5C.

You have $300,000 saved for retirement. Your account earns 5% interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 15 years?

5D.

Suppose you want to have $700,000 for retirement in 35 years. Your account earns 4% interest. How much would you need to deposit in the account each month?

5E.

Suppose you want to have $700,000 for retirement in 35 years. Your account earns 4% interest. How much would you need to deposit in the account each month?