# solution

If you want to save \$50,000 for a down payment on a home in 7 years, assuming an interest rate of 4.7 percent compounded annually, how much money do you need to save each month? (Round to the nearest dollar.) O A. \$528 B. \$516 OC. \$595 OD. \$506 How much money will you have in 40 years if you invest \$250 at the beginning of each month at 6.4 percent interest rate being compounded semi-annually? (Round to the nearest dollar.) …. O A. \$535,653 O B. \$545,608 OC. \$528,563 O D. \$542,752 How much interest will you pay on a loan of \$14,000 if you are paying the loan off in 6 months and your loan rate is 4 percent? (Round to the nearest dollar.) A. \$210 OB. \$140 O C. \$660 OD. \$280 If you borrow \$24,000 as a 6-year loan from the bank and the bank requires you to make end-of-year payments of \$5191.57, what is the annual interest rate on this loan if interest is compounded annually? (Round to the nearest percent.) … O A. 9% OB. 10% O C. 7% OD. 8%

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