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Exercise_2 Questions

# Exercise_2 Questions - BUSI 223 1 I want to be able to buy...

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BUSI 223 1. I want to be able to buy a car with cash in 4 years. I have \$5,000 that I can invest today. I can get a bond earning 6.5%. How much will I have for the purchase? 6432.3 2. I have \$2,000 that I can put away for my daughter’s college education. There is a savings program that it is offering 3.75% for 18 years. How much will she have for college? She would have \$38,798 3. I want to buy a house in 3 years. I need to have a down payment of \$20,000. How much do I need to have today in order to have that if I can earn 4.5%? 17525 4. I want to retire in 20 years. I think that I need \$500,000. I have \$200,000 set aside right now. If I earn 5.25%, will I have enough? How much do I need to have today in order to achieve that? Yes, \$556,508. You only need \$179,691 in order to achieve your goal. 5. I am looking at buying a new Camry. I think I can talk them down to \$19,000. If the bank is willing to finance it for 60 months at 3.75%, what would my monthly payment be? Your monthly payment would be \$288 6. I just graduated from school with \$12,500 worth of debt. I want to know what my monthly payment is going to be.

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