calculate Time Value of Money, Financial Ratios and Cash Flow

You want to buy a house for $1,000,000. However, you have to apply for a mortgage from a bank, since you do not have enough cash.

1. If the bank requires a 20% down payment, 12% annual interest, and fixed monthly installments which are at a one-third (1/3) of your monthly income, then how many times monthly installments do you have to pay, if you earn $60,000 in a month?

2. Suppose that you will receive an inheritance in the next 2 years and wish to completely pay off the mortgage for whatever outstanding debt amount at that time. How much is that lump sum amount that you pay?