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Unformatted text preview: The balance is financed over 30 years at an interest rate of 0.316% per month. What is my monthly payment? 8. In 7. above, I make an extra payment of $20,000 at the end of year 2 If I continue to make the regular monthly payments, How many years of payments from the original loan will I save? 9. I'm starting a retirement savings program and expect to need $2,900,000 in 39 years. I begin with a deposit of $1,500 and then deposit $600 per month at an interest rate of 0.734% per month I also have a trust fund that will add $100,000 at the end of the 6 th year What will my monthly deposit need to be, beginning in year 7 , if my return increases to 0.785% per month? 10. In 9. above, what return is required (% / month) beginning in year 7 if my monthly deposit remains at $600 ?...
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- Spring '09
- Interest, retirement savings program, monthly deposit need