Using the formula for a retirement withdrawal calculation:
PMT = (P * r) / (1 - (1+r)^(-n))
Where:
PMT = Payment per month
P = Principal or amount saved
r = monthly interest rate (6% divided by 12 months = 0.005)
n = number of payments (25 years x 12 months = 300 payments)
PMT = (400,000 * 0.005) / (1 - (1+0.005)^(-300))
PMT = 2,398.85
You can pull out approximately $2,398.85 per month for 25 years from a retirement account with $400,000 saved earning a 6% interest rate.
400,000 saved for retirement account earns 6% interest how much can you pull out each month for 25yrs
5 answers
Buy a car $22,500 at 4% interest for 5 years
What is the monthly payment
What is the total amount of money paid during the 5 years
What is the monthly payment
What is the total amount of money paid during the 5 years
Using the formula for a loan payment calculation:
PMT = (P * r * (1+r)^n) / ((1+r)^n - 1)
Where:
PMT = Payment per month
P = Principal or amount borrowed (22,500)
r = monthly interest rate (4% divided by 12 months = 0.00333)
n = number of payments (5 years x 12 months = 60 payments)
PMT = (22,500 * 0.00333 * (1+0.00333)^60) / ((1+0.00333)^60 - 1)
PMT = 409.03
The monthly payment would be approximately $409.03.
To calculate the total amount of money paid during the 5 years, you can simply multiply the monthly payment by the number of payments:
Total amount paid = PMT x n
Total amount paid = 409.03 x 60
Total amount paid = $24,541.80
Therefore, the total amount of money paid during the 5 years would be approximately $24,541.80.
PMT = (P * r * (1+r)^n) / ((1+r)^n - 1)
Where:
PMT = Payment per month
P = Principal or amount borrowed (22,500)
r = monthly interest rate (4% divided by 12 months = 0.00333)
n = number of payments (5 years x 12 months = 60 payments)
PMT = (22,500 * 0.00333 * (1+0.00333)^60) / ((1+0.00333)^60 - 1)
PMT = 409.03
The monthly payment would be approximately $409.03.
To calculate the total amount of money paid during the 5 years, you can simply multiply the monthly payment by the number of payments:
Total amount paid = PMT x n
Total amount paid = 409.03 x 60
Total amount paid = $24,541.80
Therefore, the total amount of money paid during the 5 years would be approximately $24,541.80.
Buy a car $22,500 at 4% interest for 5 years
What is the monthly payment
What is the total amount of money paid during the 5 years
How much interest will you pay during those 5 years
What is the monthly payment
What is the total amount of money paid during the 5 years
How much interest will you pay during those 5 years
We have already calculated the monthly payment and the total amount of money paid during the 5 years in the previous question.
The monthly payment is $409.03 and the total amount paid during the 5 years is $24,541.80.
To calculate the total interest paid during those 5 years, you can simply subtract the principal amount (22,500) from the total amount paid during the 5 years:
Total interest paid = Total amount paid - Principal
Total interest paid = 24,541.80 - 22,500
Total interest paid = $2,041.80
Therefore, the total interest paid during those 5 years would be approximately $2,041.80.
The monthly payment is $409.03 and the total amount paid during the 5 years is $24,541.80.
To calculate the total interest paid during those 5 years, you can simply subtract the principal amount (22,500) from the total amount paid during the 5 years:
Total interest paid = Total amount paid - Principal
Total interest paid = 24,541.80 - 22,500
Total interest paid = $2,041.80
Therefore, the total interest paid during those 5 years would be approximately $2,041.80.
1 answer