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You just won $25,000 in the lottery. You decide you want to buy a sportscar. You don’t want to buy the car now but want to wait for 5 years when you will be 25 and your insurance premiums will be affordable. You think you can earn 8% on the money. How much will you be able to spend on the sportscar in five years?
Ignore taxes. Show your work. If you use Excel, show the formula with the parameters, and the answer. If you use a formula, provide the standard formula, the formula with terms substituted, and the answer. If you use a calculator, show the inputs and the answer.
Question 2.
Question :
(TCO B) You want to buy a car. To do so, you will need to take out a loan in the amount of $19,000. The longest you are willing to pay on the loan is five years. The interest rate on this type of loan is 5.0% per year. How much will the equal monthly payments be? Ignore taxes. Show your work. If you use Excel, show the formula with the parameters, and the answer. If you use a formula, provide the standard formula, the formula with terms substituted, and the answer. If you use a calculator, show the inputs and the answer.
Question 3.
(TCO B) You want to have $1,000,000 in 30 years. You already have $50,000. You think you can get a 7% annual return on your money. How much per year will you have to save to get to $1,000,000? Ignore taxes. Show your work. If you use Excel, show the formula with the parameters, and the answer. If you use a formula, provide the standard formula, the formula with terms substituted, and the answer. If you use a calculator, show the inputs and the answer.
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