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5. Suppose that you take a 30-year mortgage loan at 12%(12) and your monthly payment (ordinary annuity) is $R. Find your outstanding balance in 14

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5. Suppose that you take a 30-year mortgage loan at 12%(12) and your monthly payment (ordinary annuity) is $R. Find your outstanding balance in 14 years. a. R2168|1% b. R2192|1% c. RS168|1% d. R$192|1% 6. Find the PV of an annuity-due that pays $630 per quarter for 7.5 years at 10%(4). a. $10,628.92 b. $11,516.78 c. $12,148.35 d. $13,515.74 7. Suppose that you need a $30,000 for down payment in 6 years. If you deposit $X per quarter into an account paying 15%(4), what is $X? Assume that all deposits are made at the beginning of every quarter. a. $763.92 b. $822.71 c. $885.34 d. $946.15 8. How long will it take $2,000 per month (annuity-due) invested at 9%(12) to make a $40,000 fund? Find the correct equation. a. 40,000 = 2,000S1.75% b. 40,000 = 2,000sn19% c. 40,000 = 2,0008719% d. 40,000 = 2,00057.75%

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