client plans to send a child to college for four years starting 18 years from now. having set aside money for tuition, she decides to plan for room and board also. She estimates these costs at $20,000 per year, payable at the beginning of each year, by the time her child goes to college. If she starts next year and makes 17 payments into a savings account paying 5 percent annually, what annual payments must she make?

Wilma wants to buy a car that costs $52,000. She has arranged to borrow the total purchase price of the car from her bank at 6 percent interest rate. The loan requires monthly payments for a period of five years. If the first payment is due in one month after purchasing the car, what will be the amount of Wilma’s monthly payment on the loan?

Maria is planning to attend a four-year university.  The list below shows the estimated costs for one year.  Her family devised a periodic savings plan that will have a total value of $48,000 by the time Maria will begin college.  Maria will participate in a work-study program that pays for her room and board each year.  With the work-study and her family's contribution, for how many years of college will be paid?  Round to the nearest hundredth. Four-Year University Estimated Costs Tuition and Fees.            $13,200.00 Room and Board.              $3,500.00 Books and Supplies          $1,300.00 Personal Expenses.          $1,700.00  a about 2.96  b about 2.67  c about 2.61  d about 2.44

Jan wants to plan for her daughter's education. Her daughter, Rachel was born today and will go to college at age 18 for five years. Tuition is currently $15,000 per year, in today's dollars. Jan anticipates tuition inflation of 6% and believes she can earn an 11% return on her investment. How much must Jan save at the end of each year, if she wants to make her last payment at the beginning of her daughter's first year of college? $4,680.37 $7,334.72 $3,882.03 $2,547.54

You are saving for the university education of your two children. They are two years apart in age; one will begin university 15 years from today and the other will begin 17 years from today. You estimate your children's university expenses to be $45,000 per year per child, payable at the beginning of each school year. The annual interest rate is 7.5 percent. Your deposits begin one year from today. You will make your last deposit when your older child enters university. Assume four years of university. How much money must you deposit in an account each year to fund your children's education? (Do not round intermediate calculations. Round the final answer to 2 decimal places. Omit $ sign in your response.) Annual savings $

Your daughter wants to the University of Cincinnati. She is already planning to start in 10 years (which is when her first tuition payment is due). Her tuition will be $19,886 per year for four years. The relevant discount rate is 8.01 percent per year. You plan to save for her education by setting aside the same amount of money per year for 9 years. What is the amount you need to save per year if you start saving at the end of this year? O $32,914.10 O $5,271.07 $3,657.12 $30,473.20 O $7,316.70

Mary wants to have $14000 for a trip to Mexico in five years. How much does she need to deposit at the end each month into an account earning 3.6% compounded monthly in order to have the money she needs?

Kerri James is considering the purchase of a car, which will cost her $24,600. She will borrow the entire purchase price and make monthly payments over the next six years. The first payment is due next month and the annual interest rate is 3.00%. She will owe $____ on the car immediately following the 18th payment. A. 18,858.19 B. 18,531.57 C. 20,757.33 D. 19,184.00 E. 23,258.56

Melissa is starting a savings for the initial capital to start a jewelry company right after graduation for 3 years. Her job base salary after graduating is expected to be $85,000 paid through equal payments at the end of every month throughout the year. She assumes a 7% increase in annual salary each year. Melissa expects to pay $1,800 monthly rent for her apartment and an extra $1,500 per month to cover other living expenses and she plans to save the rest. As her salary grows, she is plans to move to a nicer place and lifestyle. The expected rent increase is 5% every year and the expected increase in other expenses is 10%. She plans to keep this constant pattern of expenses and income. Assume a 5% nominal interest rate per year compounded monthly.1. Draw the Cash Flow Diagram2. How much money will she have at the end of year 3?3. If Melissa knows that she needs only $100,000 to start her company, how many months it takes until he saves up this amount with the current saving…

Megan takes out a car loan for $13,000. She intends to make monthly payments for 5 years to pay off her loan. If the bank charges her an annual interest rate of 4.2% computed monthly on the loan balance, how much will her monthly payments be?