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PROBLEM 2. 20 POINTS. On October 1, 2020. you bought a brand-new car for S40.00. You made a 5% down payment and financed the balance with a five-year loan (60 monthly payments) with a stated annwal interest rate of 12. It is now October 2021, and yow plan to refinance the ben because interest rates have declined substantially owur credit union is currently offering an interest rate of 2.5% on car loans for cars less than 5 years old). How much as you pay the bank er November 1, 2021, to pay off the existing loan? Problem Dow are an investment advisor who has been approached by a client for help on his financial strategy. He has $250,000 in savings in the bank. He is 5 years old and expects to work for 10 more years, making $700,00 a year. (lle expects to make arm of on his lowesters for the foresevalle wure Now can Ignare usest. Once he retirer 10 years from now, he wowild like to be able to withdrew $80,000 a year for the following 25 year (his actuary tellim he will Nw to ninety years old.). Now wwch wwwld he www in the bank 10 years from now to be able to do this? (10 points Present Value (Amount needed by retirement) How much of her income would she need to serve each year for the next 20 years to be able to afford these planned withdrawals (S120,000 a year) during her retirement years? (20 points Amunt in Save Amunt teeded for retirement Number of years before retiremom