. Calculate the amount that Jinhee needs to save each year for the down payment on a new car, assuming she can earn 13% on her savings?2. Calculate how much she will need to save on a monthly bases assuming monthly compounding. for each scenario, how much of her down payment will come from interest earned? Fill in the areas in red then work on the questionEnter your age here:What time is it right now30 years12 hrs20 minsJinhee Ju, who just turned32just received an anticipated promotion at work that increased her annual salary to $ 24,000She is eligible to participate in her employer's retirement plan to which the employer matches dollar-for-dollarworkers' contributions up to12%percent of salary. However,Jinhee wants to buy a new3 years and she wants to save$42,000 sports car in$12,000 down payment on the car and finance the balance. Also in her plans is a weddingenough money to make a7 years in the future, after he finishes medical$210,000 of student loans to repay after graduation. But both Jinhee and Paul want to buy a homeJinhee and her boyfriend, Paul have set a wedding dateschool. Paul will also haveof their own as soon as possible. This might be possible because at age37, Jinhee will now be eligible to access a $ 34,000 trust fund left toher as an inheritance by her late grandfather. Her trust fund is invested in6%government bonds.

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Calculate the amount that Jinhee needs to save each year for the down payment on a new car, assuming she can earn 13% on her savings?

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter17: Retirement And Estate Planning

Section: Chapter Questions

Problem 3FPC

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