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A-You plan to have $1,000,000 in your retirement account when you retire in 40 years. Assume an average annual rate of return of 8.5% compounded monthly. How much will you have to save at the end of each month?

B- Mackenzie Roth has a 30 year, 5% mortgage on his home. The current monthly payment for the mortgage is 966.28. The current balance is $170,000. He can now afford a $1,500 monthly payment. How long would it take him to pay off his mortgage by making a $1,500 monthly payment?

C-Mark Macy is buying a house. The house costs $200,000. He plans to put $50,000 down and borrow $150,000 at 5% for 30 years. Calculate the principal plus interest portion of his mortgage payment.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9978075

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