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Business Math - Annuities Please answer correctly and I will thumbs up! If money can earn 8.1% compounded monthly, how much more money is required
Business Math - Annuities
Please answer correctly and I will thumbs up!
If money can earn 8.1% compounded monthly, how much more money is required to fund an ordinary annuity paying $330 per month for 30 years than to fund the same monthly payment for 20 years? (Do not round intermediate calculations and round your final answer to 2 decimal places.) $ more is required This problem demonstrates the dependence of an annuity's present value on the size of the periodic payment. Calculate the present value of 15 end-of-year payments of: (Do not round intermediate calculations and round your final answers to 2 decimal places.) a. $2,300 b. $3,300 c. $4,300 Use a discount rate of 6.3% compounded annually. After completing the calculations, note that the present value is proportional to the size of the periodic payment. A 18-year loan requires month-end payments of $627.33 including interest at 9.2% compounded monthly. What is the balance on the loan after half of the payments have been made? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Balance on the loanStep by Step Solution
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