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Q1. You plan on retiring in 25 years. In order to increase your retirement income, you open a retirement account today, and make a $20,000 deposit. In addition, you will deposit $5,000 every year for the next 25 years. Your plan is to start making annual withdrawals of $50,000 from the account, after you retire. Assuming the account is earning 7% rate of interest, how many years will it take, after you retire, before the funds in your account are completely exhausted?

Q2. You are planning on buying a new house, and want to make sure you can afford the monthly payments. The house you picked will necessitate you borrow $300,000. You think you can get the following mortgage terms: borrow $300,000 at a fixed quoted (nominal) annual rate of 3.775%; to be paid off in equal monthly payments over 15 years. Compute the required monthly payment, and create an amortization table, showing for each month the beginning balance, payment, payment applied to interest, payment applied to principal, and ending balance.

Reference no: EM133150082

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