Question
answer the 6 parted question to question 1 (show full answer and round to nearest 2 decimal at the end of solving) 1A.) You invest
answer the 6 parted question to question 1 (show full answer and round to nearest 2 decimal at the end of solving)
1A.) You invest $399 at the beginning of every year and your friend invests $399 at the end of every year. If you both earn an annual rate of return of 3.03%, how much will you have in your account after 22 years?
1B.) You invest $2,647 at the beginning of every year and your friend invests $2,647 at the end of every year. If you both earn an annual rate of return of 4.77%, how much will your friend have in your account after 25 years?
1C.) You currently have $2,156 in a retirement savings account that earns an annual return of 9%. You want to retire in 49 years with $1,000,000. How much more do you need to save at the end of every year to reach your retirement goal?
1D.) You currently owe $4,526 to your credit card that charges an annual interest rate of 21%. You make $157 of new charges every month and make a payment of $162 every month. What will your credit card balance be in three months?
1E.) You would like to retire in 40 years. The expected rate of inflation is 4% per year. You currently have a standard of living that requires $6,583 of monthly expenses. Assuming you want to maintain the same standard of living in retirement, what are your monthly expenses expected to be the first year of retirement?
1F.) You purchases a house for $380,437. You made a down payment of $20,000 and the remainder of the purchase price was financed with a mortgage loan. The mortgage loan is a 30 year mortgage with an annual interest rate of 8%. Mortgage payments are made monthly. What is the monthly amount of your mortgage payment?
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