Question: 29. A. $ & B. $ (Round to nearest dollar) You can earn a market rate of 6%. A. What is the monthly payment amount

29. A. $ & B. $ (Round to nearest dollar) You can earn a market rate of 6%. A. What is the monthly payment amount necessary to save $25,000 by the end of 5 years? B. If you borrow $25,000 today what is the amount of the monthly payment to pay it off in 5 years? Chapter 8 Page 8-3 30. $ You would like to start saving for retirement. Assuming you are now 22 years old and you want to retire at age 60, you have 38 years to watch your investment grow. You decide to invest in the stock market, which you expect it to earn about 6 % per year into the future. You decide to invest $550 at the end of each month for the next 38 years (456 months). Calculate your accumulated investment at the end of 38 years. (Round to nearest whole dollar)

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