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After graduation, you plan to work for Mega Corporation for 10 years and then start your own business.

After graduation, you plan to work for Mega Corporation for 10 years and then start your own business.  You expect to save $5,000 a year for the first 5 years and $10,000 annually for the following 5 years, with the first deposit being made a year from today.  In addition, your grandfather just gave you a $10,000 graduation gift which you will deposit immediately.  If the account earns 8% compounded annually, what how much will you have when you start your business 10 years from now?
A 30-year, $115,000 mortgage has a nominal annual rate of 7%.  All payments are made at the end of each month.
10. What is the monthly payment on the mortgage?
$765.0979
11. What is the remaining balance on the mortgage after 5 years?
12. How much of your 2nd monthly payment will go toward the repayment of principal?

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