1-You have $46,605.46 in a brokerage account, and you plan to deposit an additional $3,000 at...

1-You have $46,605.46 in a brokerage account, and you plan to deposit an additional $3,000 at the end of every future year until your account totals $290,000. You expect to earn 10% annually on the account. How many years will it take to reach your goal? Round your answer to the nearest whole number.

2- You want to buy a car, and a local bank will lend you $25,000. The loan will be fully amortized over 5 years (60 months), and the nominal interest rate will be 12% with interest paid monthly. What will be the monthly loan payment? What will be the loan's EAR? Do not round intermediate calculations. Round your answer for the monthly loan payment to the nearest cent and for EAR to two decimal places.

Monthly loan payment: $

EAR: %

Expert Solution

jeff jeffy answered 7 months ago

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