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Question 5 please Question 5 You finally graduated from Georgetown and have the job of your dreams. You decide to celebrate by purchasing a new
Question 5 please
Question 5 You finally graduated from Georgetown and have the job of your dreams. You decide to celebrate by purchasing a new car with a price of $25,000. For graduation gifts, you receive enough for a 5% down payment. You finance the remainder with a 3 year loan at 12% compounded monthly with your first payment due one month from signing. What is your monthly car payment? Question 6 You have just won the lottery with an immediate cash payout of $1,000,000. You decide to invest it all for your retirement in 30 years at 10% compounded annually. Beginning at the end of the 31st year and continuing for 24 more years (i.e., 25 withdrawals), you wish to make withdrawals from your retirement fund. How much will you be able to withdraw each of your 25 retirement years if you wish to withdraw an equal amount of money each yearStep by Step Solution
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