How much principal is repaid in the 74th payment interval on a $142300 25-year mortgage? The mortgage is amortized over 25 years and the payments are monthly. The interest rate is 7.44% compounded monthly.
Starting in 5 years you want to be able to withdraw $6220 every six months for 7.5 years. You want to deposit a single amount immediately and then let it grow at a rate of 4.88% compounded quarterly. How much do you have deposit?
A trust fund will start to pay you $15200 per year at the start of each year once you turn 18. The prevailing interest rate is 8.79% compounded annually. For how long can you receive payments if you are celebrating your 14th birthday today and the current value of your trust fund is $111345?
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