# DeVry FIN 515 Quiz 2 - Latest

## DeVry FIN 515 Quiz 2 - Latest

DeVry FIN 515 Quiz 2 - Latest

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Question 1. Question : (TCO B) 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?

TCO B) You want to buy a car. To do so, you will need to take out a loan in the amount of \$19,000. The longest you are willing to pay on the loan is five years. The interest rate on this type of loan is 5.0% per year.
How much will the equal monthly payments be?

Question 3. Question : (TCO B) You want to have \$1,000,000 in 30 years. You already have \$50,000. You think you can get a 7% annual return on your money. How much per year will you have to save to get to \$1,000,000?
I

DeVry FIN 515 Quiz 2 - Latest