7. A $100,000 mortage carries a 9% annual interest rate compounded monthly for a maximum of 30 years. How many monthly payments of $1,000 will it take to pay off the loan in full?

9.

Company needs to borrow money today for a project. Your boss asked you to figure out how much the company can borrow. Your boss tells you the company can afford to pay $45,000 each quarter for a period of twenty years with payments at the end of the quarter.. Your companys bank is willing to offer a 20 year loan with quarterly payments at an annual rate of 13.5%. What is the most that your company can borrow?

10.	What is the present value of an annuity due of $2,500 per year for 10 years if the interest rate is 4% per year?

11. I bought a house for $600,000. I put $200,000 down and I financed the balance with a 30 year fixed mortgage at 4.5%. What is my monthly payment on this mortgage?

[Show steps used to solve via BA 2 PLUS Calculator]