1. A borrower agrees to a $300,000, 30-year fixed-rate mortgage with a 6% (or 0.5% per month) quoted interest rate. What is the payment amount and how much of each payment goes to principle and interest?
2. An investor is in the 25 percent federal tax bracket and pays a 6 percent state tax rate and 3 percent in local income taxes. For this investor, a municipal bond paying 6 percent interest is equivalent to a corporate bond paying how many percent of interest rate?
3. The profit forecast for the most recent fiscal quarter is $23,100. The actual profit is 70% of the forecast profit.
What is the actual profit?