Author Question: After graduation, you plan to work for Dynamo Corporation for14years and then start your own ... (Read 7 times)

zl00505 · **on:** Aug 7, 2023

Question 1

A homeowner just obtained a25-year amortized mortgage loan for $120,000 at a nominal annual rate of7%, with 360 end-of-month payments. What percentage of the total payments made during the first 3 months will go toward payment of interest?

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79.25%

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80.62%

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81.90%

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82.43%

Question 2

After graduation, you plan to work for Dynamo Corporation for14years and then start your own business. You expect to save and deposit $7,000a year for the first7years and $14,000 annually for the following7years, with the first deposit being made a year from today. In addition, your grandfather just gave you a $28,000 graduation gift, which you will deposit immediately. If the account earns8%, compounded annually, how much will you have when you start your business14years from now?

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$308,154

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$314,205

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$326,907

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$339,061

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

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