When you retire, you want to have a two million dollars saved. If you plan to retire in 45 years, and you can receive 3% interest annually on a savings account, what is the fixed amount you have to save each year?
$8,278
$21,570
$14,836
$3,860
None of these answers
Calculate the present value of a retirement fund if you put $1,750 in your savings account at the beginning of each quarter for the next 35 years? Assume that your savings account pays 8% compounded quarterly.
$20,277.13
$83,670.64
$245,051.08
None of the answers are correct
Assume you can buy a new car, currently selling for $27,000 by putting $3,000 down and making payments of $500 per month for 60 months. What is the annual rate of interest you would be paying?
.1734
9.168%
.764%
None of the answers are correct