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1. Bob would like to have $26,000 in 5 years to use as a down payment on a house. He plans on depositing an equal of money at the end of every month to save for this goal. If Bob can earn 6% interest per year(0.5% interest per month) what must he save per month to achieve this goal?

2. Sue has $24,000 to use as a down payment on a house and can afford to pay $800 per month for a mortgage. If the interest rate on a 15 year mortgage is 4.5% (this is an APR). What is the highest price house she can afford using a 15 year mortgage?

3. Larry would like to retire in 30 years. He estimates that he would need $2.1 million in order to retire. He is planning on depositing $1800 per month into his retirement account. What nominal interest rate would he need to earn in order to achieve his goal?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91529169

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