You have amortization schedule to pay back $$5,000$ with $12\%$ for $20-$payments $($Your first payment is one period from today.$).$ From the $2$nd to $8$th payments, what is your interest payments amount?

$$3902.$

$$3912.$

$$3922.$

$$3932.$

For planning purposes, an individual wants to be able to spend $$80,000$ per year, at the end of each year, for an anticipated $25$ years in retirement. In order to fund this retirement account, he plan to make annual deposits of $$10,000$ at the end of each of his working years. What is the minimum number of such deposits he will need to make to fund his desired retirement? Use $8\%$ as an annual simple rate for all calculations.

$27$ payments.

$25$ payments.

$23$ payments.

$21$ payments.