Instead of buying a new car for $25,000, you invest that money at 15% and decide to keep repairing your old car which costs $1200 a year. How much money would you have at the end of five years?

(The answer will be posted with the new calculator problem in 2 weeks. Or if you can’t wait that long, you can go to http://www.facebook.com/pages/Gary-Johnston-Seminars/111368472221424 for the answer.)

Answer to 01/16/2012 problem:

(N=360,I=4,PV=48750,FV=0) PMT= -232.74