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About what is the principal balance on the loan

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Reference no: EM131985313

1. Find the amount to which $200 will grow under each of these conditions:

a. 16% compounded annually for 9 years. Do not round intermediate calculations. Round your answer to the nearest cent.

b. 16% compounded semiannually for 9 years. Do not round intermediate calculations. Round your answer to the nearest cent.

c. 16% compounded quarterly for 9 years. Do not round intermediate calculations. Round your answer to the nearest cent.

d. 16% compounded monthly for 9 years. Do not round intermediate calculations. Round your answer to the nearest cent.

e. 16% compounded daily for 9 years. Do not round intermediate calculations. Round your answer to the nearest cent.

2. Bill took out a 30-year, $200,000 mortgage at 5% interest and monthly payments. After 12 years, Bill wants to pay off his house; about what is the principal balance on the loan?

$155,321.69 $152,715.26 $149,981.63 $151,325.67.

Reference no: EM131985313

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