Composite rate and annuity questions?
The price of a home is $ 539,950. You put a 25% payment of the house, what is your payment? $ 134,987.50 You borrow the remaining 75% ($ 404962.50) from a bank. Your loan will be a 6% fixed rate loan compounded monthly. What will your monthly payment (assuming a 30 year mortgage)? $__________? Assume that you buy the house now, but the price will remain the same over the next 10 years. An ordinary annuity is set at 4.25% to save the down payment. What should be their child support payments so that the down payment saved from 10 years now? $__________?
The payment is: $ 2427.95 in 10 years, wants to have $ 134,987.50 for a down payment. You will put money in the bank each year and earn 4.25%. So, you have to put $ 10,660.47 in the bank every year for the total payment over 10 years. You can check your answer in Excel ..! Good Luck!
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