You are planning on retiring the moment that you accumulate$1,000,000 in your mutual fund. Currently, you have $226,619 in theaccount, and you pay 1,000 into it monthly. If your account earns8%, how many years until you can retire? A. 14 B.15 C. 16 D. 17
Eight years ago, you took out a loan for 100,000 at an interestrate of 12% compounded monthly. The loan was for 20 years, and youmake monthly payments of $1,101.09 each month. What is the currentbalance on the loan today? A. 67,747 B. 9,176 C. 83,834 60,000
Your bank offers you the following choices for an interest rate.Which one would have the lowest actual cost of interest?
A: 12% monthly compounding
B: 12.24% quarterly compounding
C: 12.40% semi-annual compounding
D: 12.75% annual compounding
