Calculate the monthly payment
You are considering borrowing $150,000 to purchase a new home.
A. Calculate the monthly payment needed to amortize an 8 percent fixed-rate 30 year mortgage loan.
b. Calculate the monthly amortization payment if the loan (a) was for 15 years
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Assume you are planning to invest $5,000 each year for six years and will earn ten percent per year. Determine the future value of this annuity if your first $5000 is invested at the end of the first year.
Calculate the monthly payment needed to amortize an 8 percent fixed-rate 30 year mortgage loan. Calculate the monthly amortization payment if the loan (a) was for 15 years
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