a. How much money can you borrow if you can afford a payment of $800 per month for 30 years at 7% interest?
b. How much money will you have if you invest $500 per MONTH for 25 years, earning a 12% annual rate of return?
c. In order to have $1 million 30 years from now when you retire (assuming 11% annual return), how much do you need to invest per MONTH (assume monthly compounding)?
d. You need to have $50,000 20 years from now. You will earn 9%. How much do you need to save per YEAR, in order to have the $50,000 in 20 years?