• Recently, Jamie and Jake each bought new cars. Both received a loan from a local bank with a rate of 10% where payments are made at the end of each month, and they both pay the same monthly payment. Jamie's loan is for $25,000; however, his loan matures at the end of 4 years (48 months), while Jake's loan matures in 5 years (60 months). After 48 months Jamie's loan will be paid off, but what will be the remaining balance on Jake's loan?
• After graduation, you plan to work for 15 years and then visit Australia. You expect to save $2,000 a year for the first 5 years and $3,000 annually for the next 10 years. These savings cash flows will start in one year. In addition, your family has just given you a $6,000 graduation gift. If your gift and all future contributions are put into an account that pays 12% compounded annually, what will your financial "stake" be when you leave for Australia 15 years from now?