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How much interest did he earn

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Q1. Daniel saved for this child's college education by saving $290 per month for 16 years. He was able to earn 8.6% interest compounded monthly and accumulated a total of $ 118953.42 at the end of the 16 years. How much interest did he earn?

Q2. The Garcias purchased a home for $240,000. They made a 15% down payment and borrowed the rest at 5% interest compounded monthly on a 20-year loan. Their monthly payments are $1346.31. After making their first payment, how much will the Williams still owe on the house? Hint: Make the first line of an amortization table to help answer this question.

Reference no: EM133090026

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