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please answer both (Related to Checkpoint 6.1) (Annuity payments) Mr. Bill S. Preston, Esq., purchased a new house for $120,000. He paid $10,000 upfront and
please answer both (Related to Checkpoint 6.1) (Annuity payments) Mr. Bill S. Preston, Esq., purchased a new house for $120,000. He paid $10,000 upfront and agreed to pay the rest over the next 15 years in 15 equal annual payments that include principal payments plus 15 percent compound interest on the unpaid balance. What will these equal payments be? a. Mr. Bill S. Preston, Esq., purchased a new house for $120,000 and paid $10,000 upfront. How much does he need to borrow to purchase the house? \& (Round to the nearest dollar.) (Future value of an annuity) Upon graduating from college 35 years ago, Dr. Nick Riviera was already planning for his retirement. Since then, he has made deposits into a retirement fund on a quarterly basis in the amount of $300. Nick has just completed his final payment and is at last ready to retire. His retirement fund has earned 9 percent compounded quarterly. Use five decimal places for the periodic interest rate in your calculations. a. How much has Nick accumulated in his retirement account? b. In addition to this, 15 years ago Nick received an inheritance check for $20,000 from his beloved uncle. He decided to deposit the entire amount into his retirement fund. What is his current balance in the fund? a. The amount Nick has accumulated in his retirement account is $ (Round to the nearest cent.) b. The amount the $20,000 inheritance check has accumulated to over 15 years is $ (Round to the nearest cent.)
please answer both
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