Part C Calculation Questions (7pts each) Show the calculation process that leads to provided answer ** Please show me how to get the bolded answers with a TMV caculator

20.What monthly deposit is required to accumulate $10,000 in five years if the deposits earn a 12% annual interest rate?

Ans.: $ 122.45

21.You are trying to accumulate a $40,000 down payment to purchase a home. You can afford to save $770 per quarter. If these quarterly investments earn an annual rate of 8%, how many years will it take to reach your goal?

Ans.: 9 years

22.What is the time 3 value of the following cash flows? Assume a 10% interest rate. Time Cash Flow 1 $33,892, 2 $39,736, 3 $55,356, 4 $582,7206.

Ans.: $669,820

23.Suppose a bank decides to make a mortgage loan to an individual for the purchase of a home. The homeowner will pay the bank $1,500 per month in mortgage payments for the next thirty years. The bank will collect the mortgage payments at the end of the month. If the borrower does not default on the loan, how much money will the bank have accumulated if they could reinvest the monthly income at an annualized rate of 5% for the entire investment horizon?

Ans.: $1,248,387.95

24.What is the estimated property due of a residential property in Ohio with an estimated fair market value of $435,000 with a $7,500 homestead exemption and a mill of 33?

Ans.: $4937.625