Unformatted text preview: percent per month for 48 months. How much can you borrow? PMT = 632 i/y = 1 n = 48 FV = 0 Solve for PV PV = 23999.50 3. You want to have $1 million to use for retirement in 35 years. If you can earn 1% per month, how much do you need to deposit on a monthly basis if the first payment is made in one month? FV = 1000000 n = 35 * 12 = 420 i/y = 1 PV = 0 Solve for PMT PMT = 155.50 What if the first payment is made today? BGN Mode (2 nd , BGN, 2 nd , SET) FV = 1000000 n = 35 * 12 = 420 i/y = 1 PV = 0 Solve for PMT PMT = 153.96 To exit BGN Mode (2 nd , BGN, 2 nd , SET)...
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