What is the amount of each monthly mortgage payment

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1. You just signed a consulting contract that will pay you $45,000, $61,000, and $92,000 annually at the end of the next three years, respectively. What is the present value of these cash flows given a 10.5 percent discount rate? Show your work.

2. Kingston Development Corp. purchased a piece of property for $3.18 million. The firm paid a down payment of 20 percent in cash and financed (borrowed) the balance. The loan terms require monthly payments for 15 years at an annual percentage rate of 6.25 percent, compounded monthly. What is the amount of each monthly mortgage payment? Show your work.

Reference no: EM131854568

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