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Time Value of Money Problem Assignment – Week 3
Prepare solutions to the following problems and submit them as instructed by your section instructor. Show all calculations, or identify the sequence of steps and buttons to your financial calculator, to support the solutions you submit.
John is purchasing a house for $500,000. He plans to make a down payment of $100,000 and take out a 30-year mortgage for $400,000.
If the interest rate on the house is 5.5 per cent per year, how much will his monthly payment be for principal and interest.If the interest rate is the same, how much would his monthly payment for principal and interest be if he took out a 15-year mortgage?
How much interest will John save in total with the 15-year mortgage?
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No. 8: Business succession
For a family business or otherwise, the continuity and succession may require costs like a stock redemption buy/sell agreement or cross-purchase. To protect your descendants and your company, life insurance can provide important funds.
No. 9: Tax benefits
Especially for high-income earners, policies can provide a tax shelter and alternative to IRA options.
No. 10: Charitable gift
A life insurance policy can help make a big impact to a cause important to the newly deceased. This could be done by donating the policy to charity or by naming the charity as beneficiary.
Once you’ve decided you need life insurance, it’s a good idea to research options and compare policies to meet your needs.

Retirement Planning Assignment – Week 11
At your age (assume 20) you can assume that you will live to be 100. If you graduate at 23 and start to work, you can expect to work for 47 years, until age 70. At that time you will be eligible for full Social Security benefits, which can reasonably be expected to be $3,000 per month, and which will be received monthly for the rest of your life. You can reasonably expect that your retirement savings will earn an average of 8 percent per year throughout the period that you accumulate your retirement funding and during your retirement years. Further assume that you will want to have an annual income of $120,000 throughout your


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