You plan to save $1m for a water-front beach house in Virginia Beach. You employment contract will pay you an after-tax $200k when you retire in 15 years. You plan to use that sum for the beach house. How much must you save monthly if the savings account's return is at 4% per year? Ans.:________.

A. 3,215

B. 3,251

C. 3,240

D. 3,204

You took a 30-year half-million-dollar mortgage at 3% per year. Midway (i.e., after you've paid the 180th monthly payment), how much equity have your accrued? $__________.

• A. 305,253
• B. 194.747
• C. 201,175
• D. 250,000