Homer Simpson plans to retire in 20 years (1st withdrawal in year 21). He is told by Ned Flanders that a desirable standard of living in 21 years will require $100,000 per year. Homer wants to be able to maintain that level of purchasing power forever (Assume inflation =3% per year). Homer plans to increase his savings by 2% per year and expects to earn 5% per year on his investments. How much does Homer have to save the first year to fund his retirement goal? $128,496 $78,692 $118,038 $151,213 $90,647 Chad Dulle wants to purchase a house boat for $515,000. He made a down payment of 20 percent in cash and financed the balance. The loan terms require monthly payments for 15 years at an annual percentage rate of 3.25%. What is Chad's monthly mortgage payment? $2,287 $3,619 $1,793 $2,861 $2,895