You can afford a 1400 per month mortgage payment youve, Financial Management

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You can afford a 1400 per month mortgage payment youve

1. Suppose you want to have $700,000 for retirement in 30 years. Your account earns 6% interest.

a) How much would you need to deposit in the account each month?

b) How much interest will you earn?

2. You can afford a $1400 per month mortgage payment. You've found a 30 year loan at 6% interest.

a) How big of a loan can you afford?

b) How much total money will you pay the loan company?

c) How much of that money is interest?

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