Walton just got his first job after college! He is making a budget and can afford to put $$200$ a month away for retirement. If his goal is to retire in $40$ years with $$500,000,$ what annual interest rate, compounding monthly, does his retirement savings account need to have?

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Situation $3$

L'Dona is buying a house! How much will her monthly mortgage payment be if she is borrowing $$150,000$ at $3\mathrm{.}2\%$ interest for $30$ years?

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Situation $4$

Charlene has retired with $$400,000$ in the bank, earning $2\%$ annual interest, compounded quarterly. If she withdraws $$10,000$ per quarter, how long until the account is empty?

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