Question: Calculator Problems- please list PV,FV,I/yr and PMT where applicable 8. Your uncle purchases a $150,000 Porsche 911. He puts down 50% of the purchase price.

Calculator Problems- please list PV,FV,I/yr and PMT where applicable

8. Your uncle purchases a $150,000 Porsche 911. He puts down 50% of the purchase price. What is the amount of the car payment if the interest rate is 7% and the term of the loan if 48 months? Please break down your reasoning.

10. You need to save $3,000,000 for retirement. If you will save for 30 years, making one annual payment to a retirement savings account, how much must you contribute annually assuming a return of 7%? Please break down your reasoning.

13. A person purchases a $2,000,000 home in Miracle Mile. She puts down 40% of the purchase price. If the person obtains a jumbo loan rate of 8%, what is the monthly payment for a 30 year fixed rate mortgage on the purchase? Please break down your reasoning.

15. Your grandparents purchase a new Buick for $30,000. They put down 20% of the purchase price. Assuming a 4 year loan and a 7 percent interest rate, what is the monthly payment for the Buick? Please break down your reasoning.

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