23) loan?. Using the same facts as #16, how long would it take to pay off 60% of the a. About 37 months b. About 50 months C. About 55 months d. About 58 months 24) Donald and Melania will be retiring in five years and would like to buy a lake house for cash. They estimate that they will need $250,000 to buy the house. If they can earn 6% on their money, over the next five years, how much must they invest at the end of each month to have accumulated $250,000 by retirement? a. $1,389 b. $2,660 c. $43,500 Page 6 16) A car loan for $19,500 has an interest rate of 4.25% and is amortized over 60 months. What is the monthly payment on the loan? a. $ 451.23 b. 133.45 c. 361.33 d. 351.24