Your dream home is for sale, listed for S259,900. You\'ve saved up $24,000 for a

Question

Your dream home is for sale, listed for S259,900. You've saved up $24,000 for a down payment. After looking at your monthly budget, you've estimated that you can afford $890 each month for a 30-year mortgage payment. Will you be able to afford this home, if the annual interest rate is 60%? Suppose your uncle deposited $100 into an account every quarter at an annual interest rate of 4.3%, from the time you were born until you started college when you were 18. When he gave you the money, you decided to deposit it into an account that earned 3.8% interest, compounded monthly. You think it would be best to withdraw a little bit each month for the entire 4 years that you are in college, to pay for various expenses. When you graduate, you would like the account to be empty. (a) How much will you take out each month to have the account emptied out in exactly four yan? (b) How much interest will have been earned from the bank in total (from the time your uncle opened the account until you've used up all of the money)?

Explanation / Answer

Please post the 2nd question again separately

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