What would be monthly mortgage

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Reference no: EM131864238

1. Your client is 40 years old, and she wants to begin saving for retirement, with the first payment to come one year from now. She can save $7,000 per year, and you advise her to invest it in securities which you expect to provide an average annual return of 6 percent. If she follows your advice, how much money would she have at age 60?

2. You want to buy a house, and a mortgage company will lend you $260,000. The loan would be fully amortized over 30 years (360 months), and the nominal interest rate would be fixed at 9 percent, compounded monthly. What would be the monthly mortgage.

Reference no: EM131864238

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