What is the amount of each mortgage payment

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Reference no: EM131998888

1. Wings and More purchased a piece of property for $1.8 million. It paid a down payment of 20 percent in cash and financed the balance. The loan terms require monthly payments for 15 years at an annual percentage rate of 4.60 percent, compounded monthly. What is the amount of each mortgage payment?

$11,089.64

$10,236.25

$12,440.01

$10,799.18

$11,029.33

2. A bank is loaning $5,000 for 3 years at an interest rate of 7.5 percent. How much additional interest can the bank earn if it compounds interest continuously rather than annually?

$56.67

$50.13

$48.89

$51.78

$61.65

Reference no: EM131998888

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