What is the monthly amount of your mortgage payment

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Reference no: EM133497202

Question 1. A loan has a stated annual rate of 16.42%. If loan payments are made monthly and interest is compounded monthly, what is the effective annual rate of interest? Please answer as a percentage (%).

Question 2. You invest $2,259.00 at the beginning of every year and your friend invests $2,259.00 at the end of every year. If you both earn an annual rate of return of 11.35%, how much more money will you have after 25.0 years?

Question 3. 4.You purchase a house for $170,594.00. You made a down payment of 20,000 and the remainder of the purchase price was financed with a mortgage loan. The mortgage loan is a 30-year mortgage with an annual interest rate of 6.45%. Mortgage payments are made monthly. What is the monthly amount of your mortgage payment?

Reference no: EM133497202

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