22. I am figuring out some numbers for my retirement and housing costs so I ask...

22. I am figuring out some numbers for my retirement and housing costs so I ask myself the following questions:

How much will I have to invest annually to get to a million in 30 years if I think I can earn 7% per year

10,500
21,000
33,333

You wanted to refinance your home as interest rates have dropped and you are thinking of getting a 15 yr mortgage to cut your total interest payments over the life of the loan. If your mortgage balance is 200k and a 15 yr mortgage is at 4%, how much will your monthly payment be

1,479
31,952
7,972
954

You are going to receive monthly payments of 1,000 for the next 5 years. You need a lump sum however and you go to a firm that will pay you a lump sum but they need to earn 9%. How much will you receive

Solutions

Expert Solution

FIRST QUESTION : FUTURE VALUE OF ANNUITY

SECOND AND THIRD QUESTION : PRESENT VALUE OF ANNUITY

jeff jeffy answered 1 week ago

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