Find what monthly expenses expected to be in first year

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Problem 1: You currently owe $2851 to your credit card that charges an annual interest rate of 22%. You make $128 of new charges every month and make a payment of $205 every month. What will the credit card balance be in 3 months?

Problem 2: You would like to retire in 21 years. The expected rate of inflation is 01.00% per year. You currently have a standard of living that requires $7652 of monthly expenses. Assuming you want to maintain the same standard of living in retirement, what are your monthly expenses expected to be in the first year of retirement?

Problem 3:  You purchase a house for $398,196. You made a down payment of $20,000 and the remainder of the purchase price was financed with a mortgage loan. The mortgage loan is a 30 year mortgage with an annual interest rate of 04.00%. Mortgage payments are made monthly. What is the monthly amount of you mortgage payment?

Reference no: EM132665599

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