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10. In order to buy a $25,000 car making $500 monthly payments for 48 months at 8%, how much will your down payment be?
11. $10,000 borrowed at 8% is to be repaid in four equal annual payments. How much of the principal is amortized with the first payment?
Monthly Payment =
12. On a home mortgage of $75,000 at 12% interest amortized over 30 years, what is the monthly payment?
Monthly Payment =
13. Your retirement fund’s balance is $50,000 right now. You want to retire in 30 years with $1,000,000. You add $6000 annually, but what interest rate do you need to earn in order to reach your goal?
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