QUESTION 11
You are considering buying a home with an asking price of $300,000. Since the market is hot, you plan to put in an offer for the full asking price. You also plan to put $60,000 down
and finance the remainder. Your bank offers a 30-year loan at 7.5% APR (compounded monthly). Assume your first payment is made one month from today. Suppose you pay the
bank $2,500 each month rather than making the required payment: calculate the number of months it will take to pay off the loan. (Round to the nearest whole number; zero
decimals)
QUESTION 12
You have 30 years left until retirement and want to retire with $5,000,000 saved. You plan to deposit 1,200 dollars into the account each month beginning one month from today. You
currently have $20,000 saved. Calculate the rate of return (APR) you need to earn to reach your retirement goal. (Enter percentages as decimals and round to 4 decimals)