Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. derek decides that he needs $139,224.00 per year i

Derek decides that he needs $139,224.00 per year in retirement to cover his living expenses....

80.2K

Verified Solution

Question

Finance

image

Derek decides that he needs $139,224.00 per year in retirement to cover his living expenses. Therefore, he wants to withdraw $139224.0 on each birthday from his 66th to his 86.00th. How much will he need in his retirement account on his 65th birthday? Assume a interest rate of 7.00%. Submit Answer format: Currency: Round to: 2 decimal places. A couple is buying their dream house for $422,500.00. They will put 20.00% down and finance the rest with a 15.00-year mortgage with monthly payments. The bank has offered them a loan with 3.72% APR and monthly compounding. What will be their monthly payment on this mortgage? Submit Answer format: Currency: Round to: 2 decimal places

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students