You just won $25,000 in the lottery. You decide you want to buy a 10485

| November 13, 2015

You just won $25,000 in the lottery. You decide you want to buy a sportscar. You don’t want to buy the car now but want to wait for 5 years when you will be 25 and your insurance premiums will be affordable. You think you can earn 8% on the money. How much will you be able to spend on the sportscar in five years?

You have a student loan of $75,000. The interest rate is 8.6% per year. You have been out of school for 6 months and are ready to start making payments. You want to use the maximum allowed of 10 years to pay off the loan by making equal monthly payments. How much are the monthly payments?

You have been diligently saving to buy a boat. For the last 10 years, you have been putting $50 per month into a secret savings account paying .5% interest per year. You started with $0. You just discovered that your spouse knew about the account the whole time and has been withdrawing $45 each month for the last 10 years. How much money do you have in the account?

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