What is the annual interest rate

Reference no: EM132055536

Problem 1: You just finished your master in finance and you found a beautiful house to buy, and its price is $550K. The interest rate for the 25 year mortgage is 3.18% Fixed APR. Calculate the monthly payments.

Problem 2: Suppose that at the end of each month you save $1,500, for three years, and at the end of the three years you will have $60,000. What is the annual interest rate if interest is composed monthly?

Problem 3: Suppose that you have a credit card debt of $3,000 and you pay each month the minimum payment of $100. If the interest rate is 25.32% APR. How many years you will need to pay your credit card in full?

Problem 4: Suppose you parents pay a mortgage and they just refinanced it to pay $2,500 for 12 years at 2.9% APR. After the refinancing, how much your parents owe to the bank?

Problem 5: Suppose you want to retire and you know you will save $1000 at the end of each month during 50 years. The mutual fund you choose gives you 4.8% APR and on top of that you have $20,000. How much money you will have at the end?

Reference no: EM132055536

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