You want to be able to withdraw $40,000 each year for 30 years. Your account earns 8% interest.

a) How much do you need in your account at the beginning?

b) How much total money will you pull out of the account?

c) How much of that money is interest?

You can afford a $1250 per month mortgage payment. You've found a 30 year loan at 6% interest. a) How big of a loan can you afford?

b) How much total money will you pay the loan company?

c) How much of that money is interest?