(TCO B) Your cousin wants to buy a car but he really can’t afford it. He needs a loan of $30,000. The finance manager at the dealership offers him something like a loan in which your cousin will get the $30,000 and will pay $500 per month for the next 72 months. What interest rate is your cousin really going to pay?
3.
(TCO B) You want to have $3,000,000 in 35 years. You already have $120,000. You think you can get a 8% annual return on your money. How much per year will you have to save to get to $3,000,000?
3.
(TCO B) You have been diligently saving to buy a boat. For the last 5 years, you have been putting $200 per month into a secret savings account paying .7% interest per year. You started with $0. How much money do you have in the account?
0 comments