Atif Z. answered • 12/11/15
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Hi Andrea,
Is the interest (7/6)%
or 7.6%.
is the interest per month or per year?
Atif Z.
Every month he invested $350/month.
For 28 years.....
Investment at 50 years (at retirement) :
($350/month ) * (12 months/year) * (28 years) = $117,600 funds saved.
Report
12/11/15
Atif Z.
Interest made in these 28 years:
($350/month) * (0.076/month interest) * (12 month/year) * 28 years
= $8,937.60 interest made at retirement.
Report
12/11/15
Atif Z.
Anthony's total funds available at retirement:
Total funds = saving + interest
total funds = $117,600 + $8,937.6
total funds = $126,537.6
Report
12/11/15
Atif Z.
New investment at retirement for next 15 years at 8.8% interest.
Monthly payments received =
total_funds * monthly_interest
Monthly payments received = $126,537.6 * 0.088
Monthly payments received = $11,135.31
OR
Monthly payments received =
(total_funds * annual_interest * number_of_years)/ (per_month)
Monthly funds received = (if 8.8% interest is per month)
($126,537.6 * 0.088 * 12 months/year * 15 years ) / ( 15 years * 12 months/year)
monthly payments received = $11,135.31
Report
12/11/15
Atif Z.
12/11/15