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How much do you have to deposit each month to reach goal

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1. You are 23 years old. You want to provide income for your retirement years. You would like to receive $2,500 monthly from the time you are 65 years old until you reach the age of 90. How much do you have to deposit each month to reach this goal? Assume that your money will earn 2.45% compounded monthly.

2. You can afford a monthly mortgage payment of $1,650 and can get a 15-year 5.625% loan. What is the maximum loan you can get so your payment does not exceed $1,650?

Reference no: EM132062993

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