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What is the amount matt is looking for

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Q1) Matt would like to help his new grandchild pay for college. He reviews his budget and determines that he can afford to save $290 per month. How much will Matt have saved if he saves $290 per month for 18 years and earns 6.7% compounded monthly? What is the amount Matt is looking for?

Q2) Peter took out a student loan for $690000. He set up a payment plan to pay off the loan monthly for the next 4 years at 5.9% interest compounded monthly. His monthly payments would be $1617.31. How much total in interest would he pay off the loan?

Reference no: EM133092676

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