Here are your three annual salary amounts for each loan and the monthly payment amounts paid per

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Question:

Here are your three annual salary amounts for each loan and the monthly payment amounts paid per loan.

1.) $29,200 in student loans at 5.6% interest. You plan to pay this off over 15 years

* annual salary needed for this loan was $81121.28 with a monthly payment amount of $240.14

2.) $11,000 in credit cards at 14.3% interest. You plan to pay this off over 10 years

* annual salary needed for this loan was $48990.84 with a monthly payment amount of $172.78

3.) $18,500 car loan at 9.1% interest. This is a 5 year loan

*annual salary needed for this loan was $52362.86 with a monthly payment amount of $384.9

Saving for retirement

It took you 15 years to get the last loan paid off, now it’s time to start saving for retirement. Since you are no longer making payments for those 3 loans, you can start putting those payments towards retirement.

You are 40 years old and you plan to retire at 65. You research several investment firms and you find one that will guarantee a 9.3% rate of return. Use the annuity formula below to calculate how much money you will have when you retire:

A=P1+rnnt-1rn

Considering your monthly budget, how long will you be able to live off of this retirement account? Do you think this is enough money to retire on?

Your monthly budget