Mortgage loan amount: $100,000.00 Monthly payment: $1,028.62 Term: 30 years What is the interest rate for...
Mortgage loan amount: $100,000.00
Monthly payment: $1,028.62
Term: 30 years
What is the interest rate for this loan?
Suppose you can save $910.42 annually, and you need to have $12,000 in 10 years. What rate of interest would you have to earn to reach your goal?
Given the following information for a stock,
Variance=0.6
Beta=1.2
Residual variance=0.2
what is the non-diversifiable proportion of the stock is the variance of the market portfolio is 0.3?
Homework Answers
Answer to Question 1:
Amount borrowed = $100,000
Monthly payment = $1,028.62
Period = 30 years or 360 months
Let monthly interest rate be i%
$100,000 = $1,028.62 * PVIFA(i%, 360)
Using financial calculator:
N = 360
PV = -100000
PMT = 1028.62
FV = 0
I = 1%
Monthly interest rate = 1.00%
Annual interest rate = 12 * 1.00%
Annual interest rate = 12.00%
So, the interest rate for this loan is 12.00%
Add Answer to:
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