b. How much will she have at 70? Round your answer to the nearest cent.

Annual withdrawals if she retires at 65

Annual withdrawals if she retires at 70

How much interest was included in the first payment? Round your answer to the nearest cent.

How much repayment of principal was included? Round your answer to the nearest cent.

How do these values change for the second payment?

b. How much interest must Jan report on Schedule B for the first year? Round your answer to the nearest cent.

c. Will her interest income be the same next year?

Problem 5-1

Future valueIf you deposit \$10,000 in a bank account that pays 12% interest annually, how much would be in your account after 5 years? Round your answer to the nearest cent.Problem 5-8 Loan amortization and EARYou want to buy a car, and a local bank will lend you \$10,000. The loan will be fully amortized over 5 years (60 months), and the nominal interest rate will be 10% with interest paid monthly.a. What will be the monthly loan payment? Round your answer to the nearest cent.b. What will be the loan’s EAR? Round your answer to two decimal places.

Problem 6-11

Problem 5-6

PROBLEM

b. What percentage of the payment represents interest and what percentage represents principal for each of the 3 years? Round all answers to two decimal places.

b. What percentage of the payment represents interest and what percentage represents principal for each of the 3 years? Round all answers to two decimal places.

c. Why do these percentages change over time?

Problem 5-7

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