Mark takes out a 30-year mortgage for exist142700 to buy a house. The loan colle

Question

Mark takes out a 30-year mortgage for exist142700 to buy a house. The loan collects interest at an annual rate of 4.6%, compounded monthly. a. Find Mark's monthly payment. b. Find the total that Mark pays back over the course of the 30 years. c. Find the amount of interest that Mark is charged over the lifetime of the loan. Enter the answer to Part c in the box below. Round your answer to the nearest dollar. Jill retires with exist215549 in her retirement fund. The fund earns interest at an annual rate of 4.4%, compounded monthly. If Jill would like for the fund to last for 20 years after retirement, how much should she withdraw each month?

Explanation / Answer

We wil use excel function to calculate those

a) PMT(0.046/12,30*12,-142700,0,0) = $731.54

b) FV(0.046/12,30*12,-731.54,0,0) = $565721.25

c) Interest charged = $565721.25-$142700 =$423021(nearest dollar)

Q9

a) PMT(0.044/12,12*20,-215549,0,0) = $1352.06

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