Sorry, I just found another difficult problem. It deals with RAM and I used to wikipedia to find out what that means, since my book does not cover this.
Sinclair wishes to supplement his retirement income by $450 per month for the nextrate is 11% per year compounded continuously. Round your answer to the nearest dollar
15 years. He plans to obtain a reverse annuity mortgage (RAM) on his home to meet
this need. Estimate the amount of themortgage he will require if the prevailing interest
Does anyone know how to work with RAM?