Time to reach financial goal and effective interest rate

Assignment Help Financial Management

Reference no: EM131566868

1. Time to reach a financial goal

You have $39,117.59 in a brokerage account, and you plan to deposit an additional $6,000 at the end of every future year until your account totals $260,000. You expect to earn 12% annually on the account. How many years will it take to reach your goal? Round your answer to two decimal places at the end of the calculations.

answer: _____ years

2. Effective interest rate

You borrow $250,000; the annual loan payments are $38,075.05 for 30 years. What interest rate are you being charged? Round your answer to two decimal places.

answer: ______%

Reference no: EM131566868

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