Anew graduate has successfully found their dream job and wants to start saving for retirement. She has estimated she will need to be able to withdraw $5000 per month from her retirement date. She plans on retiring in 30 years, and will start to save using her company's 401(k). She believes that she can earn an average of 8% with a diversified portfolio. Ifshe plans on retiring at age 67, she wants to allow to receive that income of $5000 per month for 20 years. Shewill start her monthly contribution in 1 months time. How much should she save (including any company match) per month to have enough money to withdraw her target amount per month for 20 years? Recap: Save monthly for 30 years. Withdraw monthly for 20 years & balance goes to 0. Identify Variables; How much will sheneed to have saved by retirement? How much should she save each month to achieve her goal? Does this problem seem realistic to you? Why or why not? What assumptions would you have changed?

A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.

The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yea…