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Author Question: After graduation, you plan to work for Dynamo Corporation for14years and then start your own ... (Read 77 times)

zl00505

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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?

◦

79.25%


◦

80.62%


◦

81.90%


◦

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?

◦

$308,154


◦

$314,205


◦

$326,907


◦

$339,061

Financial Management: Theory and Practice ¦ Brigham, Ehrhardt, Gessaroli, Nason ¦ 4th Edition
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Marked as best answer by zl00505 on Aug 7, 2023

xinyifff

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Reply #1 on: Aug 7, 2023
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zl00505

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Reply 2 on: Aug 7, 2023
Great answer, keep it coming :)

FergA

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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