You would like to retire in 36 years from now and you would like to have a retirement fund from which you could draw $43,200.00 per year - forever! Assume a constant APR of 1.5%. What would the monthly payment need to be for the next 36 years.
1) The principal needed using SIMPLE interest would be (Round to 2 decimal places.)
If receive a single check at the beginning of the year, how much would the principal have to be?
2) The principal would need to be (Round to 2 decimal places.)
If you make monthly payments at the end of each month for 36 years, what is the amount of each payment?
3) The monthly payments at the end of the month to achieve the principal in part (2) would be (Round to 2 decimal places.)
1) The principal needed using SIMPLE interest would be (Round to 2 decimal places.)
If receive a single check at the beginning of the year, how much would the principal have to be?
2) The principal would need to be (Round to 2 decimal places.)
If you make monthly payments at the end of each month for 36 years, what is the amount of each payment?
3) The monthly payments at the end of the month to achieve the principal in part (2) would be (Round to 2 decimal places.)