What amount must you deposit each month if first of deposits

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Reference no: EM131994994

1. Determine your monthly payment on a 20-year $130,000 mortgage loan at 6 7/8% interest.

a $998.16

b $990.79

c $998.55

d $933.93

2. You want to start a landscape business and estimate it will take $12,500 to get started. You currently have $1,500 and can deposit an additional $200 at the end of each month. If your savings plan will earn 4.5% compounded monthly, in how many months can you start your business?

a 23.80 months

b 48.85 months

c 4.47 months

d 13.22 months

3. You want to accumulate $32,000 in 15 years for your child’s education, and you can earn 5% compounded monthly. What amount must you deposit each month if the first of your deposits is made today?

a $253.05

b $252.00

c $119.22

d $119.72

Reference no: EM131994994

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