1. Rob and Mark are the same age. At age 22, Rob began saving $5,000 a year while Mark saved nothing. At age 45, Mark realized that he needed money for retirement and started saving $20,000 per year, while Rob kept saving $5,000. Now they are both 62 years old. How much in retirement savings will Mark and Rob have accumulated at age 62, assuming an annual interest rate of 6%?

2. To have $3,000,000 at the end of 30 years, what approximate rate of return must be earned if the investor is saving $20,000 each year?

Present your answer as a range of percentages covering a full 1%, for example between 6% and 7%

3. To have $1,000,000 at the end of 30 years, how much must be invested today if the account is earning 10% annually?

4. Nomar is considering the purchase of an $18,000 car. He plans finance 80% of the value of the car (he will put down 20% at the time of purchase) and is offered five-year financing at 7%.

What will be his monthly payment if financed with a 7% simple interest installment loan?

5. What will be the total finance charges for the car loan in Question 28? (Text from question 28 (Q13a): Nomar is considering the purchase of an $18,000 car. He plans finance 80% of the value of the car (he will put down 20% at the time of purchase) and is offered five-year financing at 7%.)

6. Nomar is considering the purchase of an $18,000 car. He is offered the same five-year financing at 7%.

What will be the total finance charges if Nomar decides to put 0% down?