1. You decide to contribute to a mutual fund that averages 3.3% return per year. If you contribute $475 quarterly.

Round all answers to the nearest cent as needed.

a) How much will be in the account after 15 years? $

b) How much of this money did you deposit? $

c) How much of this money is interest earned? $

2.You decide to contribute to a mutual fund that averages 4.8% return per year. If you contribute $525 quarterly.

Round all answers to the nearest cent as needed.

a) How much will be in the account after 25 years? $

b) How much of this money did you deposit? $

c) How much of this money is interest earned? $

3.How much would you need to deposit in an account each month in order to have $30,000 in the account in 7 years? Assume the account earns 3.9% interest.

Round your answer to the nearest cent as needed.

4.How much would you need to deposit in an account each month in order to have $40,000 in the account in 5 years? Assume the account earns 3.5% interest.

Round your answer to the nearest cent as needed.

5.You deposit $1000 each year into an account earning 2% interest. How much will you have in the account in 35 years?

Round your answer to the nearest cent as needed.

6.You deposit $2000 each year into an account earning 6.6% interest. How much will you have in the account in 15 years?

Round your answer to the nearest cent as needed.

7.You deposit $500 each month into an account earning 6.6% interest.

Round all answers to the nearest cent as needed.

a) How much will you have in the account in 20 years? $

b) How much of this money did you deposit? $

c) How much of this money is interest earned? $

8.You deposit $200 each month into an account earning 5.9% interest.

Round all answers to the nearest cent as needed.

a) How much will you have in the account in 20 years? $

b) How much of this money did you deposit? $

c) How much of this money is interest earned? $

9.Suppose you want to have $500,000 for retirement in 35 years. Your account earns 4.4% interest. How much would you need to deposit in the account each month?

Round your answer to the nearest cent as needed.

10.You want to be able to withdraw $45,000 each year for 25 years. Your account earns 6% interest.

Round all answers to the nearest cent as needed.

a) How much do you need in your account at the beginning? $

b) How much total money will you pull out of the account? $

c) How much of that money is interest? $

11.You have $500,000 saved for retirement. Your account earns 5.7% interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 25 years?

Round your answer to the nearest cent as needed.

12.You have $300,000 saved for retirement. Your account earns 7.2% interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 15 years?

Round your answer to the nearest cent as needed.

13.You want to buy a $33,000 car. The company is offering a 6.8% interest rate for 4 years.

Round your answer to the nearest cent as needed.

a) What will your monthly payments be? $

b) How much interest will you pay over the entire loan period? $

14.You can afford a $250 per month car payment. You've found a 3 year loan at 6.2% interest. How big of a loan can you afford?

Round your answer to the nearest cent as needed.

15.You can afford a $900 per month mortgage payment. You've found a 30 year fixed loan at 6.6% interest.

Round all answers to the nearest cent as needed.

a) How big of a loan can you afford? $

b) How much total money will you pay the loan company? $

c) How much of that money is interest? $

16.You want to buy a $190,000 home. You plan to pay 5% as a down payment, and take out a 30 year fixed loan for the rest.

Round all answers to the nearest cent as needed.

a) How much is the loan amount going to be?

$

b) What will your monthly payments be if the interest rate is 6.2%?

$

c) What will your monthly payments be if the interest rate is 7.2%?

$

17.You want to buy a $228,000 home. You plan to pay 10% as a down payment, and take out a 30 year fixed loan for the rest.

Round all answers to the nearest cent as needed.

a) How much is the loan amount going to be?

$

b) What will your monthly payments be if the interest rate is 6%?

$

c) What will your monthly payments be if the interest rate is 7%?

18.You want to be able to withdraw $40,000 from your account each year for 30 years after you retire. If you expect to retire in 25 years and your account earns 7% interest while saving for retirement and 5% interest while retired:

Round your answers to the nearest cent as needed.

a) How much will you need to have when you retire?

$

b) How much will you need to deposit each month until retirement to achieve your retirement goals?

$

c) How much did you deposit into you retirement account?

$

d) How much did you receive in payments during retirement?

$

e) How much of the money you received was interest?

$

19.You want to be able to withdraw $50,000 from your account each year for 20 years after you retire. If you expect to retire in 25 years and your account earns 6.9% interest while saving for retirement and 6% interest while retired:

Round your answers to the nearest cent as needed.

a) How much will you need to have when you retire?

$

b) How much will you need to deposit each month until retirement to achieve your retirement goals?

$

c) How much did you deposit into you retirement account?

$

d) How much did you receive in payments during retirement?

$

e) How much of the money you received was interest?