Keith bought a lakeside cottage for 30% down and monthly mortgage ...

[Garrulous]

Question 1

Sam got a job at the Brick. He plans to save $500 every month for 3 years to buy a car. The savings account earns 2.25% compounded monthly. If he puts the money in his savings account at the beginning of each month, what will be the present value of the balance in the account at the end of the three-year term?
◦ $18 638.25
◦ $17 422.79
◦ $18 408.04
◦ $18 603.37
◦ $17 390.19

Question 2

Keith bought a lakeside cottage for 30% down and monthly mortgage payments of $1224.51 at the beginning of each month for 20 years. Interest is 4.4% compounded monthly. What is the purchase price of the property?
◦ $195 930
◦ $278 878
◦ $279 900
◦ $195 214
◦ $194 378

[xiazhe]

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[Garrulous]

Excellent

[xiazhe]

Great! Please up vote