Suppose you want to buy a 2018 Ford F150, with an asking price of $45,675. You are planning on trading in your minivan for $6,500 and you have saved $4,000 to put down but will need to finance the rest of the truck. The bank is willing to provide you a 6-year loan at a rate of 4.5%. Given this information, what will be your monthly truck payment?

Group of answer choices

$423.59

$436.99

$488.94

$681.10

$389.28

$558.37

$701.06

$621.55

$346.85

Suppose you want to begin investing into a retirement account that pays 11% per year. You anticipate saving 15% of your annual income, which is assumed to be $55,000 per year. However, you will make monthly contributions into your account. If you anticipate retiring at the age of 67 and today, you are 23, what will your account be worth upon retirement?

Group of answer choices

$5,413,852

$6,514,901

$7,850,201

$9,082,873

$10,339,846

$11,005,054