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a) Enter your desired amount of money you wish to receive each month while retired - $ 5000 DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED INCORRECT b) Upon retirement (40 years from now) you want to receive "x dollars" (amount of money you choose in Part a) each month for a period of 28 years. This money resides in an account that pays 6.5% interest. How much money must be in the account to fulfill your goal? Amount of money needed =$ DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED INCORRECT. Round your answer to 2 decimal places as needed. c) You plan to deposit money every month for 40 years into an account that pays 6.3%. What monthly deposit must you make to achieve the amount of money determined in the answer to Part b above? Payment amount = $ DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED INCORRECT. Round your answer to 2 decimal places as needed. d) How much money did you actually deposit into the account? Total amount deposited-s DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED INCORRECT. Round your answer to 2 decimal places as needed. e) How much money will you actually receive in payments during retirement? Total amount received =S DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED INCORRECT. Round your answer lo 2 decimal places as needed. Your Retirement: Plan 2 - Waiting Until Middle Age f) You wait until later to start saying for retirement, and so are depositing money every month for only 20 years into an the same account that still pays 6.3%. What monthly deposit must you make to achieve the amount of money determined in the answer to Part b above? Payment amount = $ DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED INCORRECT. Round your answer to 2 decimal places as needed. ) How much money did you actually deposit in this plan? Total amount deposited - $ DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED INCORRECT Round your answer to 2 decimal places as needed. h) How many times more costly is the monthly payment of Plan 2 (saving for 20 years) compared to Plan 1 (saving for 40 years)? (Hint: Divide Part hy Part c). b) Sale price of the vacation home = $ 710000 DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED INCORRECT c) If the loan agency requires a down payment of 20%, what will your down payment be? Remember to use the sale price from Part b. Down payment = $ DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED INCORRECT. Round your answer to 2 decimal places as needed. d) If you plan to finance the rest of the sale price, how much would the loan amount be? Loan amount = $ DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED INCORRECT. Round your answer to 2 decimal places as needed. e) What would the monthly mortgage payment be if your loan was a 2.8% 30 year fixed mortgage? Monthly mortgage payment = $ DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED INCORRECT. Round your answer to 2 decimal places as needed. f) How much will you actually pay for the home over 30 years including the down payment? Hint: Don't forget about the down payment! Total amount paid for vacation home = $ DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED INCORRECT. Round your answer to 2 decimal places as needed. g) How much of what you paid was interest? Amount of interest paid = $ DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED INCORRECT. Round your answer to 2 decimal places as needed. b) Sale price of the car = $ 23800 DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED INCORRECT c) If the dealership you are buying the car from is offering 6.3% interest on a 5 year loan, what will your monthly payment be? Remember to use the sale price from Part b above. Monthly payment=S DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED INCORRECT. Round your answer to 2 decimal places as needed. d) How much would you actually pay for the car over 5 years? Total amount paid for car=$ DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED INCORRECT. Round your answer to 2 decimal places as needed. e) How much interest would you pay over 5 years? Amount of interest=$ DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED INCORRECT. Round your answer to 2 decimal places as needed. 1) What would the monthly payment be if you pay the car off over 6 years with the same interest rate? Monthly payment=S DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED INCORRECT Round your answer to 2 decimal places as needed. g) How much would you actually pay for the car over 6 years? Total amount paid for cars DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED INCORRECT. Round your answer to 2 decimal places as needed. h) How much interest would you pay over 6 years? Amount of interest=S DO NOT TYPE COMMAS OR ANSWERS WILL BE MARKED INCORRECT Round your answer to 2 decimal places as needed

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