OM Quero Quest Questone Part II: Financial calculator problems @ 10 points each Do 2 of the following problems using your financial calculator Set up each problem and indicate the values for each of the key variables (N, I, PV, PMT, FV) Round all s problems to the nearest dollar. All rate problems must be carried at least 4 decimal places and left in % form Work must be shown and all answers must be legible to receive credit. Partial credit is awarded 1. What will be the monthly payment on 30-year home mortgage worth $325,000 if you signed papers for a 4.5% annual interest rate? N = 30x12=360 PV 328,000 FV:0 I = 445 JPMT = 14,625 -3.7 2. Suppose you begin saving for your retirement on your 23rd birthday by putting $3,000 into an account earning 6.00% per year which is compounded semiannually. You put the same amount in the account on your birthday for each of the next 40 years. How much will you have available when you retire at 63? 3. You are tired of working. Since you have $310,000 invested at 7.5%, you decide to quit your job and enjoy life for a while. You want to withdraw $35,000 at the end of each year, starting at the end of this year. You also wants to have $25,000 left when you begin your hunt for a new job. For how many years can you make the $35,000 withdrawals and still have $25,000 left in the end? P1 =-310,00 1-15 I = 7.5 TN = 78 years PMT = 35,000 Fv+25,000