What is the monthly mortgage payment

Assignment Help Financial Management

Reference no: EM131969735

1. You deposited $500 in a mutual fund each year for the past seven years. Your account balance is $5500. What annual rate of return did you realize? Answer in percent and round to one hundredth of a percent.

2. Your brother lent you $91 five years ago. You gave him an I.O.U. to pay him back with $146 today. What was the interest rate on this loan?

3. You take out a sub-prime mortgage for $278822, maturing in 30 years, and charging 1% monthly. What is the monthly mortgage payment? (There are 360 monthly payments.)

Reference no: EM131969735

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