You Just won first place in a CUNY essay writing contest, and as your prize, you will receive $500 a month each month for the next 6 years. If you can earn 7% on your money, what is the total prize worth to you today? Your spouse needs a car and you believe you can afford no more than $350 a month for a 5 year car loan. If the interest rate on this loan is 5% percent, what is the maximum you can afford to borrow to purchase this car? Your employer contributes $100 a week to your retirement plan. Assume that you work for this employer for another 15 years and the applicable discount rate is 7.25%. Given these assumptions, what is this employee benefit worth to you today? You anticipate saving $1,800 a year for each of the next 25 years and anticipate 7% interest per year. Assuming annual compounding, how much do you expect to have in your account after 25 years? You are borrowing $19,500 to buy a car. The terms of the loan call for monthly payments for 5 years at 6% percent interest. What is the amount of each monthly payment? You borrow $285,000 to buy a house. 30-year mortgage rates are 4.25% and payments are made monthly. How much will be your mortgage payment be? Referring back to question #19, how much total interest will you paying over the life of the mortgage