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After one year living in a university residence, Mary-Beth decides to rent an apartment for the remaining 3 years of her degree. She has found

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After one year living in a university residence, Mary-Beth decides to rent an apartment for the remaining 3 years of her degree. She has found a place that will cost $700 per month; rent for the first and last month must be paid up front. How much money would Mary-Beth need to have in her bank account right now to be sure she will always have enough for rent? Bank account pays 4.2% interest, compounded monthly. Numeric Response Kate is applying to the Bank of Montreal for a mortgage of $423,500. The bank is quoting 2.99% semi annually. She would like to have a 25-yar amortization period and wants to make payments monthly. However, she must pay 20% down payment to avoid additional bank insurance. What will Kate's monthly payment be? Numeric Response You are planning to save for retirement over the next 30 years. To do this, you will invest $800 a month in a stock account and $400 a month in a bond account. The return of the stock account is expected to be 10%, and the bond account will pay 6%. When you retire, you will combine your money into an account with a 9% return. How much can you withdraw each month from your account assuming a 25-year withdrawal period? Assume that the APR is compounded monthly. (Do not round intermediate calculations. Round the final answer to 2 decimal places. Omit $ sign in your response.) Withdrawal $ per month You have just arranged for a $1,800,160 mortgage to finance the purchase of a large tract of land. The mortgage has a 9.4% APR (semiannual), and it calls for monthly payments over the next 30 years. However, the loan has an eight-year balloon payment, meaning that the loan must be paid off then. How big will the balloon payment be? (Round "EMR" number to 5 decimal places. Do not round other intermediate calculations. Round the final answer to 2 decimal places. Omit $ sign in your response.) Balloon payment

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