Question
1. What is the present value of an ordinary annuity with annual payments of $680 at 8% annual interest for 25 years? Click the icon
1. What is the present value of an ordinary annuity with annual payments of $680 at 8% annual interest for 25 years?
Click the icon to view the table.
2. Make an amortization table to show the first two payments for the mortgage.
| Amount of mortgage | Annual interest rate | Years in mortgage | Monthly payment |
|---|---|---|---|
| $404,543 | 5.50% | 35 | $2172.46 |
| Month | Monthly payment | Interest | Principal | End-of-month principal |
|---|---|---|---|---|
| 1 | $2172.46 |
|
| |
| 2 | $2172.46 |
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Financial Markets And Institutions
Authors: Frederic S. Mishkin
2nd Edition
0321014650, 9780321014658
