Question
1- Lisa started to put away $4000 into her traditional IRA at age 22 until age 30. By age 30 she stopped contributing to the
1- Lisa started to put away $4000 into her traditional IRA at age 22 until age 30. By age 30 she stopped contributing to the plan. If her average rate is 8% rate of return, how much will she have in her retirement fun at age 60?
Place answer in the box below and use 2 decimals.
2- You plan on saving $10,000 a year (as a regular annuity) for the next 30 years. You will then make equal withdrawals for each of the next 25 years (also a regular annuity). If the interest rate is 10% over the first 30 years but only 8% for the remaining 25 years, what will be the amount of each withdrawal?
Place answer in the box below and use 2 decimals.
3- You are planning to buy a house in New Jersey. You put a 20% down payment, and 15-year mortgage rates are at 4.2% -Price of the house is $400,000.
a. Calculate the monthly payments.
b- Calculate the 1st month interest payment.
c-Calculate the 1st month principal payments
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started