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What is the future value of these payments

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Questions - Applying the Concepts of Time Value of Money

Q1. You borrow $100,000 for 5 years to pay tuition and fees. The annual interest rate of 5%, with payments to be made monthly. What monthly payment would be required to pay off the loan?

Q2. You expect to receive $1,000 at the end of each of the next 3 years. You will deposit these payments into an account which pays 10%, compounded semiannually. What is the future value of these payments, that is, the value at the end of the third year?

Q3. A young couple buys their dream house. After paying their down payment and closing costs, the couple has borrowed $400,000 from the bank. The terms of the mortgage are 30 years of monthly payments at the required rate of return at 6% with monthly compounding. What is the monthly payment for the couple?

Reference no: EM132859733

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