PROBLEM 2 Given the following data: (Assume monthly compounding or discounting) (Assume all payments are end of the month payments) $12,0 00 Monthly Retirement Income Needed Years until Retirement Years in Retirement 30 25 9.00 % 6.00 % Rate of Return before Retirement Rate of Return during Retirement (a) Calculate the total Savings Required at Retirement (b) Calculate equal monthly Investment (Payment) Required prior to retirement to accumulate the amount needed for retirement PROBLEM 3 Jim London has taken a $150,000 mortgage on his warehouse at an interest rate of 8.5% per year. If the mortgage calls for five equal annual (end of the year) payments, what is the amount of each payment? (a) Develop a loan amortization schedule (use the table format shown below) (b) What is total amount of interest paid for the life of the mortgage