How much money do you need to save each month

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Reference no: EM131870050

1. If you want to save $40 000 for a down payment on a home in five years, assuming an interest rate of 4.5 percent compounded annually, how much money do you need to save each month? (rounded to the nearest dollar)

2. Harman purchased his condo for $330 000 and now the appraised value is $360 000. His outstanding mortgage is $228 000. What is the maximum home equity line of credit Harry would qualify for?

3. How much should you deposit today in order to withdraw $5,000 each year for 7 years? Your first withdraw will start 5 year from now and your deposit will earn 4% interest.

Reference no: EM131870050

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