tvm home mortgage example - Application Example Home...

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Application Example Home Mortgage 1. You and your spouse-to-be have found a dream home in Kentucky. The selling price is $1,200,000. You will put $200,000 down and obtain a 30-year fixed-rate mortgage at 8% for the rest. How much you need to pay by monthly for this house? 1.1. You recently obtained a 30-year (360-month), $250,000 mortgage with a 9 percent nominal interest rate. What will be the remaining balance on the mortgage after five years (60 months)? $239,700 2. You will be retiring in 10 years and would like to buy a lake house. They estimate that they will need $300,000 at the end of ten years to buy this house. They want to make ten equal annual payments into an account at the end of each year. If they can earn 6% on their money, compounded annually, over the next ten years, how much must they invest at the end of each year for the next ten years to have accumulated $300,000 by retirement? Car loan
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This note was uploaded on 12/13/2011 for the course MANAGEMENT 103 taught by Professor Mr.singh during the Spring '11 term at Aristotle University of Thessaloniki.

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tvm home mortgage example - Application Example Home...

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