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solution

LOAN
AMORTIZATION
Jan sold her house on December 31 and
took a $10,000 mortgage as part of the payment. The 10-year
mortgage has REQUIRED ANNUITY PAYMENTSYour
father is 50 years old and will retire in 10 years. He
expects to live for 25 years after he retires, until he is 85. He
wants a fixed retirement income that has the same purchasing power
at the time he retires as $50,000 has today. (The real value
of his retirement income will decline annually after he retires.)
His retirement income will begin the day he
retires,
10 years from today, at which time he will
receive 24 additional annual payments. Annual inflation is expected
to be 4%. He currently has $90,000 saved, and he expects to earn 8%
annually on his savings. How much must he save during each of the
next 10 years (end-of-year deposits) to meet his retirement
goal?

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