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How much total interest will Jimmy pay

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Q1. Larry plans to withdraw $148,500 each year from his retirement account for a 27-year period. The account earns 10.5% annual interest. How much does Larry need to have in the account at the beginning of his retirement, in order to allow these withdrawals?

Q2. Matt wants to know how much his cost of living will be in 32 years, based on a 2.45% annual rate of inflation. His current cost of living is $60,000.

Q3. Grayson plans to withdraw $55,000 each year from his retirement account for a 23-year period. The account earns 9% annual interest. How much does Grayson need to have in the account at the beginning of his retirement, in order to allow these withdrawals?

Q4. Jimmy borrows $225,000 for a home mortgage with monthly payments. The mortgage is for 30 years at 3.75% interest. How much total interest will Jimmy pay over the life of the loan?

Reference no: EM133126550

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