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Suppose you are buying your first condo for $375,000, and you will make a $55,000 down payment

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Suppose you are buying your first condo for $375,000, and you will make a $55,000 down payment. You have arranged to finance the remainder with a 30-year, monthly payment, amortized mortgage at a 9% nominal interest rate, with the first payment due in one month. What will your monthly payments be? $2,268.35 $2.918.20 $3,016.22 $2.574.79
Trevor Smith wants to have $1,000,000 at retirement, which is 20 years away. He already has $250,000 in an IRA account earning 6 percent annually. Starting next year, he plans to invest in a mutual fund the same amount every year until he retires. He expects to earn 9 percent annually with mutual fund investment. What is the minimum amount Trevor will have to invest every year to achieve his savings goal at retirement? 3.874.43 9.900.82 2.857.66 4.100.38