You have just turned 24 years of age and accepted your first job. However, you would like to retire at 61 years of age.

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You Have Just Turned 24 Years Of Age And Accepted Your First Job However You Would Like To Retire At 61 Years Of Age 1 (62.61 KiB) Viewed 10 times

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You have just turned 24 years of age and accepted your first job. However, you would like to retire at 61 years of age. Having paid attention in your business courses, you have calculated that you will need to save $2 million dollars by age 61 to retire comfortably. How much must you put into your retirement savings account each year (at the end of the year) between now and age 61 (assume an interest rate of 4% annually)? You must put $ into your retirement savings account each year. (Round the final answer to cent as needed. Keep all decimal places as you work through the problem.)
You bought a house worth $317,000. You paid 25% of the purchase price in cash and arranged a twenty-five-year mortgage with a rate of 4.0% compounded semi-annually for the remaining balance. The mortgage has an amortization period of 25 years. How much will your monthly payments be (starting at the end of the first month)? The monthly payments on your mortgage will be $ (Round the final answer to the nearest cent as needed. Keep all decimal places as you work through the problem.)