Author Question: Suppose you take out a $20,000 loan at a7.2% nominal annual rate. The terms of the loan require you ... (Read 26 times)

Austinleez3 · **on:** Aug 7, 2023

Question 1

Suppose you inherited $355,000 and invested it at 8.9% per year. How much could you withdraw at the beginning of each of the next25years?

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$29,598.64

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$30,788.01

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$31,040.07

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$32,919.01

Question 2

Suppose you take out a $20,000 loan at a7.2% nominal annual rate. The terms of the loan require you to make 12 equal end-of-month payments each year for5years, and then an additional final (balloon) payment of $6,000 at the end of the last month. What will your equal monthly payments be?

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$314.54

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$317.22

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$320.86

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$325.91

Afvelasquez · **Reply #1 on:** Aug 7, 2023

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