#UC22915

Does anyone know how to do this two questions? This is the practice questions given to us by my lecturer. It is a bit complicated. Can you all analyze the guideline for me? Thank you all.

Question 1
June is just turned age 50.  June is planning to retire in 10 years, and she currently has RM450,000 in her EPF Fund.  Based on the longevity pattern of her family, she assumes that she will live 25 years past her retirement rate; during each of these years she desires to withdraw RM100,000 from her retirement fund.  If the interest rate is 6% annually, how much will Jane have to save annually for the next 10 years?  Assume that the first deposit to her retirement fund will be made at the end of the year, followed by 9 more annual deposits, and that the annual withdrawal for age 61 will occur at the beginning of each year.
-Use Excel spreadsheet and goal seek to find the answer.

Question 2
You are considering a new house.  The price of the house is RM650,000 and you have put 65,000 as the first down payment.  The annual interest rate is 4.5% and you wish to pay for the house over a 30-year period.  Present your answer in Excel spreadsheet.

Spreadsheet1: Prepare a 360 months loan amortization schedule.
Spreadsheet2: Apart from the scheduled payment, you intends to make a lump payment of RM10,000 at the end of every five-year. Goal seek to find the new monthly payment.