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. | 
发表于 2008-12-29 17:48
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