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What would be the monthly payment and annual rate

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Problem 1: Reynaldo Sepúlveda retires in 20 years and currently has savings of $125,000. Reynaldo thinks he will need $650,000 at the beginning of his retirement and has no additional funds saved. what would be the annual interest rate you'll need to meet hes goal?

Problem 2: Suppose you want to buy heavy equipment machinery and a commercial bank will lend you $65,000 for the transaction. The loan will be repayed for 5 years and the nominal interest rate will be at 8% payable monthly. what would be the monthly payment and annual rate (EAR) of the loan to be repayed.

Reference no: EM132825112

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