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Unformatted text preview: deposits be in order to pay oF the loan from the sinking fund? 8. You wish to be able to withdraw $2000 a month from your IRA for 20 years after you retire. If you can invest at an interest rate of 6%, how much money will you need in the IRA at the time of retirement? If you are able to invest in the IRA at 7% interest for 20 years, how much should you deposit each month? 3 9. You decide to buy a $200,000 home. Your downpayment must be 20% of the cost, and the balance will be amortized at 7%, compounded monthly, for 30 years. (a) What is the downpayment? (b) What is the loan amount? (c) How much are your monthly payments? (d) What is the total amount of interest paid? (e) What is the unpaid balance after 10 years? After 11 years? (f) How much interest was paid in the 11th year? 4...
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 Spring '08
 Evans
 Math, Debt, Interest, Mortgage loan

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