Philip works at a nursing home as an aide and earns $27,000 a year. IF he went to school to get a nursing degree he could earn $50,000 in the first year. Philip knows this but he also knows that tuition and fees at a nearby college could cost about $45,000(total). He can get a student loan for 5% with 10 years to repay the loan. What is the total cost of the student loans?
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Philip works at a nursing home as an aide and earns $27,000 a year. IF he went to school to get a nursing degree he could earn $50,000 in the first year. Philip knows this but he also knows that tuition and fees at a nearby college could cost about $45,000(total). He can get a student loan for 5% with 10 years to repay the loan. What is the total cost of the student loans?
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- Cheryl wants to save for a car. She has $4050 in a savings account earning 2.2% compounded quarterly. If Cheryl has four years until she gets her driver’s license, will she have enough to buy a used car that costs $4500? If not, how much more does she need?Susan Jones has a job as a pharmacist earning $45,000 per year, and she is deciding whether to take another job as the manager of another pharmacy for $55,000 per year or to purchase a pharmacy that generates revenue of $350,000 per year. To purchase the pharmacy, Susan would have to use her $20,000 savings and borrow another $90,000 at an interest rate of 8 percent per year. The pharmacy that Susan is contemplating purchasing has additional expenses of $100,000 for prescription non-prescription drugs and lines of women’s and men’s personal hygiene products and cosmetics, $45,000 for one full time person and $20,000 for one part time person, $12,000 for rent and $2500 for electricity and $1300 for natural gas, $1200 for telecommunications and . Depreciation and amortization expenses are $5500. Assume that income and business taxes are 35% and the repayment of the principal of the loan does not start before three years. Also assume that revenue is expected to grow at 5% per year and…Susan Jones has a job as a pharmacist earning $55,000 per year, and she is deciding whether to take another job as the manager of another pharmacy for $65,000 per year or to purchase a pharmacy that generates revenue of $250,000 per year. To purchase the pharmacy, Susan would have to use her $15,000 savings and borrow another $80,000 at an interest rate of 10 percent per year. The pharmacy that Susan is contemplating purchasing has additional expenses of $85,000 for prescription non-prescription drugs and lines of women's and men's personal hygiene products and cosmetics, $40,000 for one full time person and $20,000 for one part time person, $12,000 for rent and $2500 for electricity and $1300 for natural gas, $1200 for telecommunications. Depreciation and amortization expenses are $5500 Assume that income and business taxes are 35% and the repayment of the principal of the loan does not start before three years. Also assume that revenue is expected to grow at 4% per year and expenses…