1. When you retire at 65, you wish to be able to have $3,000 each month...

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1. When you retire at 65, you wish to be able to have $3,000 each month for 25 years. How much would you have to deposit into an account each month, starting when you are 23, if the account earns 7.6% compounded monthly? 2. Find the monthly payment on a $250,000 30-year mortgage at 4.8% interest compounded monthly. 3. Ms. Garcia has just invested $100,000 at 2.5% interest compounded annually. How much money will she have in 20 years? 1. When you retire at 65, you wish to be able to have $3,000 each month for 25 years. How much would you have to deposit into an account each month, starting when you are 23, if the account earns 7.6% compounded monthly? 2. Find the monthly payment on a $250,000 30-year mortgage at 4.8% interest compounded monthly. 3. Ms. Garcia has just invested $100,000 at 2.5% interest compounded annually. How much money will she have in 20 years?

Answer rating: 100% (QA)

1 3000 every month for 25 years 25 years 300 months interest rate76 monthly 7... View the full answer