PV =1,000,000
Rate per month =10%/12
Number of months =40*12 =480
FV =PV*(1+APR/12)^(40*12) =1000000*(1+10%/12)^480 =53700663.17
Gerardo and Todd took out a 30 year mortgage for $126,000 at the APR of 10.7% , compounded monthly. After they had made 10 years of the payments (120 payments) they decide to refinance the remaining loan balance for 25 years at the APR of 5.8%, compounded monthly. What will be the balance on their loan 4 years after the refinance?
Gerardo and Todd took out a 30 year mortgage for $126,000 at the APR of 10.7% , compounded monthly....
7. You purchase a home and secure a 30 year equal payment loan for $200,000 at a interest rate of 5.25% APR compounded monthly. After 5 years the interest rate drops to 4.75% APR compounded monthly. The bank is charging 2 points to originate the new loan. How many months do you need to stay in the house after the refinance to make the refinance a benefit? (10 Pts) a. 18 months b. 20 months C. 30 months 36 months...
If an account has an APR of 3%, compounded monthly, what is the APY? Give your answer as a percentage (but leave out the % symbol) and round to 2 decimal places. Suppose you put $1200 in a savings account at an APR of 5% compounded quarterly. How much interest was earned after 4 years? Round to the nearest cent and leave off the $ symbol.
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: 1 fe . Your goal is to have a $1,000,000 balance after 40 years. x 10 You join a 401k plan. Here are your data: Starting salary Annual raise Your contribution Employer match 43,700.00 None 4.4% Your goal is to hlive a $1,000,000 balance after 40 years Using a monthly calculation, what annual rate of return will carry you to your goal? - periscope SWAG Growth Your Contrib...
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A borrower takes-out a fully amortizing loan for $1,000,000. The term of the loan is 30 years. The initial interest is 6% APR, compounded monthly. After one year, the interest rises to 8% APR, compounded monthly. After two years, the interest falls back to 6% APR, compounded monthly. After three years, the interest further falls to 4% APR, and it remains at 4% APR for the rest of the loan term Part A What...
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