4. What annual interest rate would you need to earn if you wanted a $200 per...

4.	What annual interest rate would you need to earn if you wanted a $200 per month contribution to grow to $14,700 in five years?
5.	You wish to buy a $20,000 car. The dealer offers you a 5-year loan with an 8 percent APR. What are the monthly payments?

6.	Joey realizes that he has charged too much on his credit card and has racked up $3,000 in debt. If he can pay $150 each month and the card charges 18 percent APR (compounded monthly), how long will it take him to pay off the debt?

Expert Solution

jeff jeffy answered 2 years ago

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