MY NOTES DETAILS PRACTICE ANOTHER 11. [-10.05 Points] TANAPMATH5 4.3.031. Andrea, a self-employed individual, wishes to accumulate a retirement fund of $900,000. How much should she deposit each month into her retirement account, which pays interest at a rate of 4.5%/year compounded monthly, to reach her goal upon retirement 25 yr from now? (Round your answer to the nearest cent.) $ Need Help? Read it Talk to a Tutor MY NOTES PRACTICE ANOTHER 12. [-10.05 Points) DETAILS TANAPMATH5 4.3.032. Joe secured a loan of $11,000 four years ago from a bank for use toward his college expenses. The bank charges interest at the rate of 4%/year compounded monthly on his loan. Now that he has graduated from college, Joe wishes to repay the loan by amortizing it through monthly payments over 13 yr at the same interest rate. Find the size of the monthly payments he will be required to make. (Round your answer to the nearest cent.) $ Need Help? Read Talk to a Tutor 13. [-10.05 Points) DETAILS TANAPMATH5 4.3.036. MY NOTES PRACTICE ANOTHER Darla purchased a new car during a special sales promotion by the manufacturer. She secured a loan from the manufacturer in the amount of $23,000 at a rate of 7%/year compounded monthly. Her bank is now charging 11.5%/year compounded monthly for new car loans. Assuming that each loan would be amortized by 36 equal monthly installments, determine the amount of interest she would have paid at the end of 3 yr for each loan. How much less will she have paid interest payments over the life of the loan by borrowing from the manufacturer instead of her bank? (Round your answers to the nearest cent.) interest paid to manufacturers interest paid to bank $ savings