What is the effective annual rate on mortgage

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Reference no: EM132008129

1. Your mortgage statement says that your loan is at 8.19 percent APR, with monthly payments. What is the effective annual rate on your mortgage (i.e., taking into account the monthly compounding)? Enter answer in percents, accurate to two decimal places.

2. 5 years ago you started making annual deposits of $385 into an account paying 9% annual return. You continue to make these deposits every year without fail. If you keep doing this every year for the next 7 years, how much money will you have in 7 years?

3. You will receive $1,202 at the end each year in years 1 through 10, $2,354 in years 11 through 20, and $3,286 in years 21 through 30. How much is all this worth today, if the required rate of return is 7%?

Reference no: EM132008129

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