(1) You deposit $6,000 in an account earning 6% interest compounded monthly. How much will you have in the account in 10 years? (2) You can afford a $400 per month car payment. You've found a 3-year loan at 3% interest. How big of a loan can you afford? (3) You have $300,000 saved for retirement. Your account earns 4% interest. How much will you be able to pull out each month if you want to be able to take withdrawals for 20 years?
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