23 May Finance Questions
1. Draw time lines from your perspective illustrating the following: You lend $500 today, receive simple interest of 5% for each of the next 6 years and repayment of the principal in year 6.
2. If the first future CF occurs at the end of year 4, the formulas for the PVA and PVP would give values as of the end of year ________?
3. If you can earn 5% per year and want to be able to withdraw $200,000 for each of the 20 years of planned retirement, how much would you have to have accumulated by the time you begin your retirement? Be sure to use a time line in solving for this amount.
4. At 5% per year, in order to achieve your answer to #3, how much must you invest for each of your 40 working years just prior to your retirement?
5. If you take out a 30-year fixed-rate $300,000 mortgage at an annual rate of 6%, what would be your fixed MONTHLY payment on the loan?
6. With the loan in #5, what would be your remaining balance after you make your first MONTHLY payment?
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