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What is the outstanding balance now at the end

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Q1. A lender providing a loan of $9 million requires semi-annual payment of interest at a nominal rate of 10% compounded semi-annually, and repayment of the $9 million principal at the end of 5 years. The borrower plans to accumulate the principal for repayment at the end of 5 years using level semi-annual deposits into a sinking fund that earns interest at an annual nominal rate of 5.8% compounded semi-annually. What is the borrower's total cash outlay every 6 months?

Q2. A 20-year mortgage of $750,000 at an annual nominal rate of 10% compounded monthly has been paid with level payments for 17 years so far. Over the last 17 years, there have been 12 separate occasions when the borrower, Rachel, has managed to pay an additional $6900 against the outstanding balance. As a result, if Rachel continues with the same monthly rate, the mortgage will be paid off in only 14 more months. What is the outstanding balance now at the end of the 17th year?

Q3. If a 10-year bond of face value of $1500 with semi-annual coupons of 7% has an annual nominal yield convertible semi-annually of 3.9%, what is the price of the bond?

Reference no: EM132995848

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