3. Now imagine Carlos gets his father to co-sign for him, and he is able to get a lower interest rate of only six percent. He still wants a monthly car payment of \( \$ 350 \), and he wants a 36 -month loan. He has \( \$ 500 \) for a down payment, and his trade-in is worth \( \$ 800 \). The tax rate is seven percent. What is his vehicle price budget now? How much will he save in interest because of the lower interest rate? Vehicle Price: Interest Paid: Total Spent:

You deposit \( \$ 500 \) each month into an account earning \( 6 \% \) interest compounded monthly. a) How much will you have in the account in 20 years? b) How much total money will you put into the account? c) How much total interest will you earn? \( \$ \)

"In addition, she said banks operating in Africa need to have a more end-to-end approach to risk management, considering bankability at all stages." As a follow up to Question 1 above and in addition to the solutions recommended in the article, recommend how Southern African financial institutions can improve their risk management strategy.

How much would you need to deposit in an account now in order to have \( \$ 3000 \) in the account in 15 years? Assume the account earns \( 5 \% \) interest compounded monthly.

Find the final hourly wage if a \( \$ 9.00 \) starting wage is increased by \( 4.5 \% \) each year for 8 years.

Phil is shopping for an annuity that guarantees he CANNOT outlive the benefits. Which of these benefit options would he choose?Accelerated lifetime benefitGuaranteed lifetime withdrawal benefitRight of income riderGuaranteed minimum accumulation benefit