How much will be the monthly payment

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Problem 1: A house and lot are worth ?4.3 million in cash. A buyer pays a 40% down payment and agrees to pay the balance by equal payments at the end of each month for 10 years at the rate of 9% compounded monthly. How much will be the monthly payment?

Problem 2: In order to have ?1 million in a fund at the end of 15 years, how much must be deposited in the fund every quarter if money can be invested at 10.5% compounded quarterly?

Reference no: EM132787381

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