2. Wes wants to retire as a millionaire. How much must Wes save per year for...

2. Wes wants to retire as a millionaire. How much must Wes save per year for 40 years, if he can invest in a mutual fund which pays 4% compounded semi-annually?

3. You just purchased a new car for $45,000. Your down payment on the vehicle was $15,000 and the rest is financed over 5 years at a 6% annual interest rate. Calculate your monthly payment.

how would I solve these two? Please and thank you very much.

Solutions

Expert Solution

jeff jeffy answered 1 year ago

Next > < Previous

Related Solutions

If you want to be a millionaire when you retire in 50 years, how much must...

If you want to be a millionaire when you retire in 50 years, how much must you save each month if you can earn a 6% annual rate of return? what is the effective annual interest rate on the imvestment? please use formula and show work

How much money do you need to save each year to be a millionaire by the...

How much money do you need to save each year to be a millionaire by the time you are 65 if you can earn an interest rate of 8% and you start saving when you were born? Please use two decimals rounded up.

1. How much money do you need to save each year to be a millionaire by...

1. How much money do you need to save each year to be a millionaire by the time you are 65 if you can earn an interest rate of 8% and you start saving when you are 20 years old? Please use two decimals rounded up/down. 2. How much money do you need to save each year to be a millionaire by the time you are 65 if you can earn an interest rate of 8% and you start saving...

You want to be a millionaire when you retire in 35 years. How much do you...

You want to be a millionaire when you retire in 35 years. How much do you have to save each month if you can earn an annual return of 11.5 percent? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Savings per month $ How much do you have to save each month if you wait 15 years before you begin your deposits? (Do not round intermediate calculations and round your answer to 2...

11.You want to be a millionaire when you retire in 40 years. a. How much do...

11.You want to be a millionaire when you retire in 40 years. a. How much do you have to save each month if you can earn an annual return of 9.7 percent? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. How much do you have to save each month if you wait 10 years before you begin your deposits? (Do not round intermediate calculations and round your answer to 2 decimal places,...

3. You want to save enough money to retire as a millionaire. (Age now is 30)...

3. You want to save enough money to retire as a millionaire. (Age now is 30) a. If you could earn 10% with common stocks, how much would you have to set aside per year to have $1,000,000 when you are 65? b. If you were going to make deposit monthly, how much would you have to set aside per month to have $1,000,000 when you are 65? c. What type of a problem is this?

Helen wants to buy a used $10,000 car in 4 years. How much must she save...

Helen wants to buy a used $10,000 car in 4 years. How much must she save per week, earning 7.5% annual interest to have the $10,000?

You want to retire has a millionaire. How much do you need to put away each month if

You want to retire has a millionaire. How much do you need to put away each month if:You use common stocks and have an average return of 10%?You use corporate bonds and have an average return of 6%?You use government bonds and have an average return of 4%?You put your money in a CD at 2.5% interest rate?(use your own age. If you are over 45, solve for saving a $100,000.)

You have decided that you can save $5000 per year. The rate is 6%. How much...

You have decided that you can save $5000 per year. The rate is 6%. How much will you have accumulated after 10 years? B. You put $210000 in an account earning 10%. How long until it grows to $1000000??

How much money should you save now to have a guaranteed saving of $1,000 per year...

How much money should you save now to have a guaranteed saving of $1,000 per year for 12 years starting next year, at a rate of return of 12% per year? $12,600 $6,200 $12,000 $6,000

Subjects