Virginia Tech FIN FIN 3134 You have two goals for which to want to saveboth relating to a home purchase. Realizing that your goals are ambitious, you have decided to start a…

Virginia Tech FIN FIN 3134 You have two goals for which to want to saveboth relating to a home purchase. Realizing that your goals are ambitious, you have decided to start a…

You have two goals for which to want to save—both relating to a home

purchase. Realizing that your goals are ambitious, you have decided to start a savings plan. First your want to purchase you new $200k homes in eight years. Your first goal is to have $40,000 saved for a down payment and you will finance the rest with a 30 year, 6% APR conventional mortgage. Second, you also wan tto pay off the home 15 years after purchase, but you do not want to be committee by a higher 15 year mortgage payment. So, separate from making your monthly sent as payment #181, to pay off the balance remaining at that time. You want to invest on a continuous annuity. Assume you can earn 8% EAR on your investment, Calculate the monthly contribution required to meet your town goals.

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