Make certain that you present your entire work to succeed in your reply. Every step have to be on a separate line. Your technique to succeed in your reply have to be clear and embody explanations.
As a part of your retirement planning, you buy an annuity that pays four% annual curiosity compounded quarterly.
a. If you happen to make quarterly funds of $900 how a lot will you might have saved in 5 years?
b. As an alternative, in the event you make quarterly funds of $450, how a lot will you might have saved in 10 years?
four.You intend to buy a home for $375,000 and you’ll make a 20% down fee. You’re evaluating two mortgages a 30-year fastened mortgage at three.16% and a 15-year fastened mortgage at 2.75%. Your purpose is to have a month-to-month fee that matches inside your finances.
a. Which mortgage will provide you with the bottom month-to-month fee? What’s going to that fee be? How a lot much less will this be than the opposite month-to-month mortgage fee?
b. Assuming you’re taking the complete time period of the mortgage, which mortgage will end in you paying probably the most curiosity? What’s going to that curiosity be?
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