You borrow $700,000 at 3% interest for 30 years on a mortgage. How much total will you pay back on the loan? Assume monthly compounding and round to two decimal places. Hint: Multiply the number of payments by the amount of the payment.
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You borrow $700,000 at 3% interest for 30 years on a mortgage. How much total will you pay back on the loan?
Assume monthly compounding and round to two decimal places.
Hint: Multiply the number of payments by the amount of the payment.
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- What equal monthly payments will repay an original loan of $10,000 in six months at a rate of 6% compounded monthly?An individual makes six annual deposits of $2,000 in a savings account that pays interest at a rate of 4% compounded annually. Two years after making the last deposit, the interest rate changes to 7% compounded annually. Ten years after the last deposit the accumulated money is withdrawn from the account. How much is withdrawn?If you want to withdraw $10,000 at the the end of two years and $35,000 at the end of four years, how much should you deposit into an account that pays 9% interest compounded annually?
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- A series of 10 annual payments of $7,500 is equivalent to three equal payments at the end of years 6, 10, and 15 at 15% interest compounded annually. What is the amount of these three equal payments?Money borrowed today is to be paid in 5 equal payments at the end of each quarter. If the interest is 3% compounded quarterly, how much was initially borrowed if quarterly payment is ₱ 21,293?Simon is planning to retire in 20 years. He wishes to deposit a regular amount every six months until he retires, so that, beginning one year following his retirement, he will receive annual payments of $80, 000 for the next 10 years. How much must he deposit if the interest rate is 8% compounded quarterly?
- Suppose you borrowed $10, 000 at an interest rate of 12% compounded monthly over 48 months. At the end of the first year (after 12 payments), you want to negotiate with the bank to pay off the remainder of the loan in 12 equal quarterly payments. What quarterly payment must be made if the nominal interest rate (12%) and compounding frequency (monthly) remain the same? Use interest formulas don’t use excelMark is planning to retire in 20 years. He wishes to deposit a regular amount every six months until he retires, so that, beginning one year following his retirement, he will receive annual payments of $80, 000 for the next 10 years. How much must he deposit if the interest rate is 8% compounded quarterly?If you want to withdraw $20,000 at the end of two years and $55,000 at the end of four years,how much should you deposit now into an account that pays 12 % interest compounded MONTHLY? See the accompanying cash flow diagram.