1. You are retired, have 264,500 in your savings, withdraw 2000 each month, and earn 4.5 percent, compounded monthly. How long will it be until you run out of money?
2. You want to take out a $132,000 mortgage (home loan). The interest rate on the loan is 4.9%, and the loan is for 30 years. Your monthly payments are $700.56.
How much will still be owed after making payments for 10 years? $
How much will still be owed after making payments for 20 years? $
How much will still be owed after making payments for 25 years? $