Calculate the portion of the monthly payment

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Reference no: EM131488080

Question: 1. (Solving for n with nonannual periods) About how many years would it take for your investment to grow fourfold if it were invested at an APR of 16 percent compounded semiannually?

2. (Spreadsheet problem) To buy a new house you take out a 25-year mortgage for $300,000. What will your monthly payments be if the interest rate on your mortgage is an APR of 8 percent compounded monthly? Use a spreadsheet to calculate your answer. Now, calculate the portion of the 48th monthly payment that goes toward interest and the portion that goes toward principal.

Reference no: EM131488080

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