Complete 16 through 20

16. Find the approximate remaining balance after 5 payments have been made on the loan in problem 15 17. Find the monthly house payments for a $56,890 mortgage at 6.74% for 25 years. 18. In August 2008, a Pennsylvania family won a Powerball lottery prize of $86,280,000. If they had chosen to receive the money in 30 yearly payments, beginning immediately, what would have been the amount of each payment? 19. The family in problem 18 actually chose the one-time lump-sum cash option. If the interest rate was 5.87%, approximately how much did they receive? 20. Cathy wants to retire on S55,000 per year for her life expectancy of 20 years after retirement. She estimates that she will be able to earn interest of 9%, compounded annually, throughout her lifetime. To reach her retirement goal, she will make annual contributions to her account for the next 25 years. One year after making her last contribution, she will take her first retirement check. How large must her yearly contributions be? 16. Find the approximate remaining balance after 5 payments have been made on the loan in problem 15 17. Find the monthly house payments for a $56,890 mortgage at 6.74% for 25 years. 18. In August 2008, a Pennsylvania family won a Powerball lottery prize of $86,280,000. If they had chosen to receive the money in 30 yearly payments, beginning immediately, what would have been the amount of each payment? 19. The family in problem 18 actually chose the one-time lump-sum cash option. If the interest rate was 5.87%, approximately how much did they receive? 20. Cathy wants to retire on S55,000 per year for her life expectancy of 20 years after retirement. She estimates that she will be able to earn interest of 9%, compounded annually, throughout her lifetime. To reach her retirement goal, she will make annual contributions to her account for the next 25 years. One year after making her last contribution, she will take her first retirement check. How large must her yearly contributions be