Question: i need help will happen to the plan balance? 14. If you withdraw $2,800 at the end of each month, what will the balance be
will happen to the plan balance? 14. If you withdraw $2,800 at the end of each month, what will the balance be in 30 years? 15. A wealthy citizen sets up a trust for scholarships at a local community college. The gift is for $3,500,000 and the money is to be distributed at the beginning of each year over the next 200 years. If the trust earns 5.25% compounded annually, how much is available for scholarships each year? Unit 13.3 Loan payments 16. You are thinking about buying a hot tub priced at $24,999. Your bank will loan you $20,500 at 7.7% for 5 years. Determine your monthly payment. 17. Refer to Problem 16. What is the total amount of interest you will pay over the 5 years? at the beginning of each year over the next 200 years. If the trust earns 5.25% compounded annually, how much is available for scholarships each year? Unit 13.3 Loan payments 16. You are thinking about buying a hot tub priced at $24,999. Your bank will loan you $20,500 at 7.7% for 5 years. Determine your monthly payment. 17. Refer to Problem 16. What is the total amount of interest you will pay over the 5 years? 18. If you purchase an iPod for $1,900 and the store finances the entire amount over 36 months at a monthly rate of 1.45%, what is your monthly payment? For Problems 19-22, assume you need a $180,000 mortgage loan but are
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