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If you make a monthly payment of $425.84 on a 30-year mortgage for $75,000, what is...

  1. If you make a monthly payment of $425.84 on a 30-year mortgage for $75,000, what is the interest rate on your mortgage?
  2. You plan to open a savings account and deposit the same amount of money at the beginning of each month. In 10 years, you want to have $25,000 in the account. How much should you deposit if the annual interest rate is 0.5% with quarterly compounding?
  3. The Furros Company purchased equipment providing an annual savings of $20,000 over 10 years. Assuming an annual discount rate of 10%, what is the present value of the savings using an ordinary annuity and an annuity due?

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jeff jeffy answered 2 years ago
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