1. You recently did your finances, and realize you can afford a monthly payment of $1,134 for a house. The current mortgage rates are 5.7% annual rate, and most mortgages are for 30 years, so how much of a house can you afford?

2. You are 20 years old and you want to have $1,500,000 by the time you are 62 years old. You believe by putting money in the stock market you can earn 7.8% return. How much should you put in each year to reach this goal?

 3. At age 65 you will receive an annuity of $1,200 a month, and you expect to live until 85. If you are 28 years old today, how much is that Annuity worth today? 

Answer rating: 100% (QA)

To calculate how much you need to save annually to reach your 1500000 goal we can use a future value ... View the full answer