Question

In: Finance

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:

  1. 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

  1. 10,500
  2. 21,000
  3. 33,333

  1. 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. 1,479
  2. 31,952
  3. 7,972
  4. 954

  1. 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

  1. 60k
  2. 11k
  3. 48k
  4. 75k

Solutions

Expert Solution

FIRST QUESTION : FUTURE VALUE OF ANNUITY

SECOND AND THIRD QUESTION : PRESENT VALUE OF ANNUITY

jeff jeffy answered 7 months ago
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