.08 on your 1.2 million will yield
96000 a year or $8000 per month
you want to live on 80% of 64000 = 51200
or 4266.67
and you are getting 2500 per month from SC
so all you need from you nest-egg is $1766.67 per month
The problem is that you are not likely to get 8% these days.
You are trying to decide if you have enough money to retire. You are expecting $2,500 a month from Social Security. You have $1.2 million in your retirement savings, and you only want to use the earnings to live on, which is at an 8% annual rate. You are currently making $64,000 a year and plan to live on 80% of that amount. Do you have enough to retire based on these numbers?
2 answers
1. Suppose you borrowed $25,000 for a car at an APR of 8%, which you are paying off with monthly payments of $510 for 5 years.
a) What’s the loan principal?
b) What’s the annual interest rate?
c) How many payments do you make in a year?
d) What’s the loan term?
e) What’s the payment amount?
f) How many loan payments does the loan require?
g) What is the total amount paid over the full term of the loan?
h) Of the total amount paid, what percentage is paid toward the principal?
i) Of the total amount paid, what percentage is paid for interest?
a) What’s the loan principal?
b) What’s the annual interest rate?
c) How many payments do you make in a year?
d) What’s the loan term?
e) What’s the payment amount?
f) How many loan payments does the loan require?
g) What is the total amount paid over the full term of the loan?
h) Of the total amount paid, what percentage is paid toward the principal?
i) Of the total amount paid, what percentage is paid for interest?
3 answers