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What is the total interest paid at the end of the first year

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Question 1: As a part of your savings plan at work, you have been depositing $250 per quarter in a savings account earning 8% interest compounded quarterly for the last 10 years. You will retire in 15 years and want to increase your contribution each year from $1000 to $2000 per year, by increasing your contribution every four months from $250 to $500. Additionally, you have just inherited $10 000, which you plan to invest now to earn interest at 12% compounded annually for the next 15 years. How much money will you have in savings when you retire 15 years from now?

Question 2: What is the total interest paid at the end of the first year of the mortgage with $200,000 principal at 4.8% p.a over 20 years

Reference no: EM132539539

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