Nick wants to purchase a new car that costs $$31000($all fees and taxes

included$).$ He wants to pay the car off in $5$ years. The dealership gives him two

options. He can either:

Option $1$: get $$5200$ off the total price of the car, with a bank loan for the

remainder at an interest rate of $7\mathrm{.}9\%$ per year, compounded monthly; or

Option $2$: get no money off the price of the car with a loan from the car

company at an interest rate of $1\mathrm{.}9\%$ per year compounded monthly.

Determine:

a$)$ the monthly payment for each option.

b$)$ the difference in the monthly payment between the two options.

Marica and Jane are both $45$ years old but have been investing different

amounts of money for different lengths of time.

a$)$ Determine the total future value of each portfolio.

Marica's portfolio: Marica saved $$20$ each month for $15$ years at an

average interest rate of $3\mathrm{.}2\%$ compounded monthly until she was $25.$

Then she reinvested the entire amount at $3\mathrm{.}8\%$ compounded monthly

for $10$ years.

Jane's portfolio: Jane has been depositing $$25$ each month for the past

$12$ years into a savings account that earns an average annual interest

rate of $3\mathrm{.}6\%$ compounded monthly.

b$)$ Determine the Rate of Return $($ROR$)$ for each portfolio.

Sample tables for showing TVM Solver input:

Question $4$: Nick

Question $5$: Marica's portfolio