Suppose you want to retire at the age of 65. During your ret…

Suppose you want to retire at the age of 65. During your retirement years, you would like to have $70,000 per year from your investments. You believe that you can earn 6% per year during retirement and you expect to live until age 90. a.  How much must you have at age 65 for retirement? b.  If you are 25 years old, how much must you invest each month to meet your retirement needs? Assume you can earn 10% on your investments. Show your work.

You would like to buy a car. You find a car that costs $45,0…

You would like to buy a car. You find a car that costs $45,000. You plan to put down 10% as your down payment and your bank is willing to extend you a 7 year loan at a rate of 5%. a) What are your monthly loan payments? b) How much interest will you pay over the entire life of the loan, assuming you made all payments as specified? c)  If you decide to include an additional $100 per month for principal repayment in with your monthly loan payment how long will it take to pay off loan? Show your work.