Determine the payment to amortize the debt

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Reference no: EM131913239

1. Determine the payment to amortize the debt. (Round your answer to the nearest cent.)

Monthly payments on $160,000 at 4% for 25 years.

2. Determine the payment to amortize the debt. (Round your answer to the nearest cent.)

Quarterly payments on $14,500 at 3.7% for 6 years.

3. Find the unpaid balance on the debt. (Round your answer to the nearest cent.)

After 7 years of monthly payments on $170,000 at 3% for 25 years

4. The super prize in a contest is $10 million. This prize will be paid out in equal yearly payments over the next 10 years.

If the prize money is guaranteed by AAA bonds yielding 4% and is placed into an escrow account when the contest is announced 1 year before the first payment, how much do the contest sponsors have to deposit in the escrow account? (Round your answer to the nearest cent.)

Reference no: EM131913239

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