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**Question 13 pts**

You know that you need $2,100,000.00 in order to fund your retirement in 30 years. Assuming you can earn 9% annual return on your investments, how much do you need to invest per month, in order to reach your retirement goal?

Group of answer choices

619.00 per month

13,200 per year

1,147.00 per month

988.00 per month

Flag question: Question 2**Question 23 pts**

If you want to live on the equivalent of $100,000 per year (in today's term) how much money will you need 25 years from now, at 3.5% inflation?

Group of answer choices

236,324.00

199,009.00

274,917.00

288,011.00

Flag question: Question 3**Question 33 pts**

You want to retire on $75,000 per year (in today's terms). You will retire in 35 years. Inflation is expected to be 3%. How much will you need per year during retirement to have the same standard of living as you have today?

Group of answer choices

312,090.00

126,117.00

211,039.00

188,197.00

Flag question: Question 4**Question 43 pts**

Your plan is to have $4,500,000 on hand to retire 40 years from now. At 9% interest (annual), how much do you need to invest each month, in order to save the $4.5 million?

Group of answer choices

1,244.00

2,276.00

1,890.00

961.00

Flag question: Question 5**Question 53 pts**

How much total interest will you pay if you borrow $175,000 for 30 years (monthly payments) at 8% annual interest?

Group of answer choices

462,271.00

212,877.00

319,001.00

287,271.00

Flag question: Question 6**Question 63 pts**

Loan of $175,000, 8% interest (annual), monthly payments, 360 periods (months): How many periods to pay off this loan, if you pay an extra 350 per month in extra principle?

Group of answer choices

239

219

301

189

Flag question: Question 7**Question 73 pts**

Compare the following two loans.

Loan 1: $175,000, 8% annual interest, 30 years (monthly PMTs)

Loan 2: $175,000, 7% annual interest, 15 years (monthly PMTs)

How much **more** total interest do you pay on the 30 year loan vs. the 15 year loan?

Group of answer choices

100,002.00

287,271.00

108,130.00

179,140.00

Flag question: Question 8**Question 83 pts**

Compare the following two loans.

Loan 1: $175,000; 8% annual (monthly payments); 30 years.

Loan 2: $175,000; 7% annual (monthly payments); 15 years.

If you pay an additional $250 per month in additional principle on Loan 1 **only**, which loan pays off sooner?

Group of answer choices

Loan 2 pays off sooner

They have the same exact payoff date

Not enough information to figure this out

Loan 1 pays off sooner

Flag question: Question 9**Question 93 pts**

You want to retire on the equivalent of $50,000 per year in today's money. Inflation is expected to be 3%. You will retire in 30 years. You will earn 10% annually on your investments from not till retirement and you will earn 8% **during** retirement (which is expected to last 20 years). How much do you need to save per **month** in order fund this retirement?

Group of answer choices

1,118.00 per month

952.00 per month

634.00 per month

527.00 per month

Flag question: Question 10**Question 103 pts**

You want to retire in 30 years and be able to withdraw the equivalent of $90,000 per year (in today's dollars) from a retirement fund. Assume 3% inflation. You plan to be retired for 20 years. Assuming you can earn 12% on your investments **before** retirement and 7% on your investments **during** retirement, how much will you need to save per month in order to be able to fund this retirement?

Group of answer choices

662.00

838.00

811.00

751.00

Solved by verified expert

Answered by dwivediauditor on coursehero.com

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