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Reading 5: The Time Value of Money- LOS e ~ Q8-10

Q8. Nikki Ali and Donald Ankard borrowed $15,000 to help finance their wedding and reception. The annual payment loan carries a term of seven years and an 11% interest rate. Respectively, the amount of the first payment that is interest and the amount of the second payment that is principal are approximately:

A)   $1,468; $1,702.

B)   $1,650; $1,468.

C)   $1,650; $1,702.

Q9. How much should an investor have in a retirement account on his 65th birthday if he wishes to withdraw $40,000 on that birthday and each of the following 14 birthdays, assuming his retirement account is expected to earn 14.5%?

A)   $274,422.

B)   $234,422.

C)   $272,977.

Q10. Sarah Parker is buying a new $25,000 car. Her trade-in is worth $5,000 so she needs to borrow $20,000. The loan will be paid in 48 monthly installments and the annual interest rate on the loan is 7.5%. If the first payment is due at the end of the first month, what is Sarah’s monthly car payment?

A)   $483.58.

B)   $416.67.

C)   $480.57.

回复 2# mayanfang1


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