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Please help with these interest questions! ^-^ You want to be able to withdraw $50,000 from your account each year for 25 years after you
Please help with these interest questions! ^-^
You want to be able to withdraw $50,000 from your account each year for 25 years after you retire. If you expect to retire in 20 years and your account earns 7.9% interest while saving for retirement and 6.7% interest while retired: Round your answers to the nearest cent as needed. a) How much will you need to have when you retire? $ b) How much will you need to deposit each month until retirement to achieve your retirement goals? $ c) How much did you deposit into you retirement account? d) How much did you receive in payments during retirement? e) How much of the money you received was interest? You decide to contribute to a mutual fund that averages 4.7% return per year. If you contribute $300 quarterly. Round all answers to the nearest cent as needed. a) How much will be in the account after 20 years? $ b) How much of this money did you deposit? $ c) How much of this money is interest earned? $ You want to buy a $230,000 home. You plan to pay 15% as a down payment, and take out a 30 year fixed loan for the rest. Round all answers to the nearest cent as needed. a) How much is the loan amount going to be? $ b) What will your monthly payments be if the interest rate is 4.9%? $ c) What will your monthly payments be if the interest rate is 5.9%? You want to buy a $18,000 car. The company is offering a 6.6% interest rate for 4 years. Round your answer to the nearest cent as needed. a) What will your monthly payments be? $ b) How much interest will you pay over the entire loan period? $
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