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What are yorgi monthly payments on the mortgage

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1. Gerry plans to make four annual deposits of $4000 into an account that pays 5.2%. The first deposit will occur in 2017. What size equal annual withdrawals can Gerry make from the account if the first withdrawal occurs in 2023 and the last occurs in 2028?

2. Holly wants to have $50,000 available in year 2022. Holly plans to make annual deposits into an account paying 6% in years 2017 through 2020. What size annual deposits does Holly need to make to accomplish her goal?

3. Yorgi obtained a $250,000 mortgage with a fixed rate of 5.6% and a 20-year maturity. What are Yorgi's monthly payments on the mortgage?

4. Milly’s father has offered to give her one of the following two options: 1. a cash gift of $10,000 now, or 2. an interest free loan of $50,000 now. The loan would be repaid in five equal annual payments over the next five years. Assume Milly’s opportunity cost of funds is 7%. In present value terms, which option is better for Milly, and how much better is it?

5. Elmer received a $25,000 loan from a loan shark. The loan required him to make payments of $400 per week (52 weeks per year) for three years. What annual rate (APR) and effective annual rate (EAR) did the loan charge?

Reference no: EM131859440

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