Reference no: EM132757971
Jenny is 30 years old. She has been employed as a Physician Assistant at Universal Health Group for 3 years. She earns $72K per year of which she is able to save 6% towards her financial goal. Jenny took the risk assessment questionnaire from Unit 1 and when she added up her points, she had 62 points. She has a goal of paying off $50,000 of her mortgage in 10 years. She really wants to achieve this big financial goal.
Often when you are given a work project you won't have all the information you need to complete the project. This project is no different. If you are lacking some information, it is up to you to find that information. The discussion board for this project is a great place to start.
Problem a: Assume the following:
1. Funding the mortgage payment is Jenny's only financial goal.
2. No inflation
3. No raises
4. The full $50,000 is needed in 10 years.
Problem b: Calculate what interest rate Jenny would need to earn to reach his goal. Please show what you input for N, I, PV, PMT, and FV.
Problem c: What formula would use to find the Interest Rate?
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