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How much money will you have in account at the end

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You opened an investment account with $10,000 today (t=0) to save for the down payment on a house. Your plan is to deposit $10,000 into that account every year for next five years, starting next year.

Problem a. Draw a clear and accurate timeline of your financial plan.

Problem b. Suppose the account pays 12% APR, compound quarterly. How much money will you have in your account at the end of the fifth year?

Once you saved enough money for the down payment, you plan to take out a 10-year mortgage of $400,000 from a bank to finance the house purchase.

Problem c. If the mortgage rate is 6% per annum, how much will your monthly mortgage payment be?

Problem d. What is the effective annual rate (EAR) of the mortgage loan?

Reference no: EM132819530

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