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What is the amount of each of the monthly installments

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Q1. You have just taken out a 30-year mortgage on your new home for $114,301. This mortgage is to be repaid in 360 equal monthly installments. If the stated (nominal) annual interest rate is 13.83 percent, what is the amount of each of the monthly installments?

Q2. Bank A charges 15.2% APR on auto loans with monthly compounding. What is the Effective Annual Rate (EAR)? (In other words, what is the EAR for a 15.2% APR with monthly compounding?)

Q3. What is the PV of $545 per year for 6 years if the required return is 8.5% (assume the $545 payments come at the end of each of the next 6 years)? Answer to 2 decimal places.

Reference no: EM132791533

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