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Supplemental Problem 7-1 Time Value of Money 1a. You are looking to buy a new car. The purchase price of the one you want is $15,000 and requires a $3,000 down payment. If the financing rate is 6.75% APR for four years, what will your monthly payments be? 1b. Suppose there is a special promotion that allows you to get $500 back (and still finance the rest at 2. You can afford $1,000 a month for a house payment You figure taxes and insurance will be about for a house assuming: a) a 20 year mortgage; b) a 25 year mortgage; c) a 30 year mortgage? 3. Your TV blows up while watching Springer. The new one you would like to have costs $500, which 675% APR) or get a 29% APR for four years. Which option will you choose? $250 a month. Assuming mortgage rates are 7% APR for a fixed rate loan, how much can you pay you don't have right now. Rent-To-Own has the TV you want for $10.56 per week, due on Monday of each week with the first payment to be made when you take possession. At the end of 1 year (52 payments), you own the set. What interest rate are they charging? 4. You plan on retiring in forty years and are contemplating retirement a If you invest $2,000 a year in an IRA compounded at 6% APR, how much will you have when you b. You decide you will need about $500,000 when you retire. How many years will you have to work to c. If you want to retire in 40 years and have $500,000 i.e. you want your cake and eat it too), how much d. You figure the tax law isn't going to change and the maximum annual deposit will remain $2,000. You hit the lottery for $1 million dollars. The state has given you a couple of payment options retire? accumulate the $500,000 at $2,000 per year at 6% APR? will your annual deposits have to be at 6% APR? What interest rate will you have to ean to still have $500,000 in 40 years? 5. a. They offer annual payments of $50,000 for 20 years. How much could you sell (discount) this for to a structured settlement company like J.G Wentworth that will give you 8% APR? What if Wentworth gives you 6% APR? If the state offers a lump sum distribution of $500,000, which option will you choose? c