Problem 7: Given the following data: (Assume monthly compounding or discounting) (Assume all payments are end of the month payments) Monthly Retirement Income Needed $10,000/Month Years until Retirement 30 (360 Months) Years in Retirement 25 (300 Months) Rate of Return before Retirement 9.00% Rate of Return during Retirement 6.00% (a) Calculate the Savings Required at Retirement (use monthly compounding and/or discounting) (b) Calculate equal monthly Investment Required prior to retirement to accumulate the amount needed for retirement (use monthly compounding and/or discounting) Problem 8: John House has taken a $75,000 mortgage on his warehouse at an interest rate of 9% 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? Year Beginning Balance Annual Payment Interest Paid Principal Paid Ending Balance Total XXXXXXXXXXXXXXX OXXXXXX