you have two goals for which you want to save – both relating to a home purchase. realizing the ambitiousness of your goals you have decided to start a savings plan. first, you want to purchase your n

you have two goals for which you want to save – both relating to a home purchase. realizing the ambitiousness of your goals you have decided to start a savings plan. first, you want to purchase your new $200,000 home 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 (simple amortized) mortgage. second, you also want to pay off the home 15 years after purchase, but you do not want to be committed to a higher 15-year mortgage payment. so, separate from making your monthly payment, your second goal is you want to save enough money to make a final, lump-sum payment, sent as payment #181, to pay off the balance remaining at that time. you want to invest on a monthly basis beginning one month from now and ending when you pay off the mortgage, as one continuous annuity. assume you can earn 8% (ear) on your investment. calculate the monthly savings contribution required to meet your two goals. (16 points.)

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