Show your work, formulas and Enter your answers in the following
1. You are saving for a down payment on a house you would like to purchase. You want to save 27158.89 in 3 years at Annually compounded. the interest is 6% The payment amount is ___________?
2. You want to purchase a house. Given the following information compute the mortgage and monthly payment.
House Cost: 246899
Interest: 3.8%
Compounded: Monthly
Years: 15
Mortgage Amount: _____________
What will the payment amount be_____________.
3. Take the mortgage amount, interest rate, compounding period, and years of the loan from Question 2 above, compute the outstanding balance after 9 years.
Outstanding Balance Amount: ___________________
4. After you moved into the home you know you must replace the HAVC system. You want to create a sinking fund for is purchase.
HAVC Cost: 13192
Interest Rate: 5.2%
Compounded: 4
Years: 4
Payment Amount: ________