show interest rate of 8% per year in an excel formula, accounting homework

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  • Please show excel formula:

How much would you have to contribute to a retirement account every month for 40 years to be able to withdraw $5000 every month for 15 years? Assume an interest rate of 8% per year compounded monthly.

  • Please show excel formula:

You want to buy a house for $468,500 and a potential mortgage was quoted to you with an annual, annual rate of 3.9 percent for 360 months to buy the house. What will your monthly payments be?

 
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