Q11 & 12

both need to be answered

You are lockang at buying a home with an asking price of $975,000. Since fhe market is hot, you plan to put in an offer for the fial asking price. You atiso blae to put 5195.000 down payment and finance the remainder. Your bank offers you a 30year loan at 4.5% APR (compounded monthey). Suppose you pay the bank 54,500 each month rather than making the required payment, calculate the nimber of months t will take fo piy off the loan iRound to the nearest whole number. zeso docinals) QUESTION 12 You have 30 years let until resirement, and you want to retie wath 55,000.000 saved You plan to deposit 1.800 dollara into the account each month beginning one month from foday You currently have S400.000 saved Cafculate the rate of refurn (APR) you need to earn fo reach your retirement goul (Enter percentages as decimais and round to 4 decimals)