Use this information, buy a car for $14,000. You get a loan for 5 years with an APR of 2.85% simple interest.

1. How much will you pay total for the car?
2. The loan is paid back in 60 (5*12) equal monthly payments. How much will you pay each month?

Use this information. You find an investment account which gains money at an APR of 7.25%, compounded monthly. You deposit $18,000 in the account.

1. How much money will you have if you leave all of the money in the account for 20 years?
2. You decide to withdraw $10,000 after 10 years, and then withdraw the rest of the money after another 10 years. How much money will you earn in this situation?

You have $1750 that you want to put in an account to save. You'd like to have $2500 in 5 years.

1. If you deposit the money in an account which pays simple interest, what APR would you need to have $2500 in 5 years?
2. If you deposit the money in an account which compounds monthly, what APR would you need to have $2500 in 5 years?

Answer rating: 100% (QA)

1 Calculate the total cost of the car Total cost 14000 APR 285 Duration 5 years Total payment Principal Total interest Total interest Principal x Rate ... View the full answer