Future Value of $1 John and Mary Rich invested $15,000 in a savings account paying 5.25% interest at the time their son, Mike, was The is to be used by Mike for his college education. On his 18th birthday, Mike withdraws the money his savings account. How much did Mike withdraw from his account? money born. from A B. C D $42,755.32 $30,345.27 $35,233.89 $37,678.11 TIME VALUE OF MONEY 34. Future Value of Annuity of $1 John and Char Lewis' daughter, Debra, has just started high school. They decide to start a college fund for her and will invest $3,000 in a saving account at the end of each year she is in high school (4 payments total). The account will earn 6.5% interest compounded annually. How much will be in the college fund at the time Debra graduates from high school? A $12,345.74 B. $13,221.52 C. $14.864.39 D. $15,211.28 35. Computing a Car Payment Assume you are financing the purchase of a used car with a four-year loan. The loan has a 6% stated annual interest rate, compounded monthly. The price of the car is $8,000. What is the monthly car payment assuming that the payments start one month after the purchase? A. $187.88 3. $195.49 C. $203.40 ). $209.57

Future Value or S1 TIMIE VMLUE OF MONEY bet and Mary Rich invested S15,000 in a savings account, psying 5.25% interest at the time their son, Mike, was The money is to be tised by Mrike for his college oducation. On bis 18Ohtrthday.Mikewithdrawsthemoney ahis savings account. How much did Mike withdraw from his account? $12.755.32$30,345.27$35.233.89$37,678.11 4uturs Value of Annuity af $1 John and Char Lewis' daughter, Debra, has just started high sehool. They decide to start a coliege furnd for her and aill iavest $3,000 in a saving accoum at the end of each year she is in high school (4 paymems lotal). The account will carn 6.5% interest compounded annually. How much will be in the college fund at the time Debra graduates (Bonn high school? i. 512,345,74 B. $13,221.52 C. 514,864.39 D. 515,211.28 Asume you are financing the purchase of a used car with a four-year loan. The loan has a 6% stated annual interest 35. Computing a Car Payment atc, compounded monthly. The price of the car is $8,000. What is the monthly car payment assuming that the asments start one month after the purchase? A. 5187,88 3. 5195,49 -. $203.40 ). 5209.57