Five years ago you took out a $300,000, 25-year mortgage with an annual interest rate of 7 percent and monthly payments of $2,120.34. What is the outstanding balance on your current loan if you just made the 60th payment?
Answer to relevant QuestionsCalvin Johnson has a $5,000 debt balance on his Visa card that charges 12.9 percent APR compounded monthly. In 2005, Calvin’s minimum monthly payment is 3 percent of his debt balance, which is $150. How many months (round ...What is the present value of a perpetuity stream of cash flows that pays $50,000 at the end of Year 1 and then grows at a rate of 6 percent per year indefinitely? The rate of interest used to discount the cash flows is 10 ...Milhouse, 22, is about to begin his career as a rocket scientist for a NASA contractor. Being a rocket scientist, Milhouse knows that he should begin saving for retirement immediately. Part of his inspiration came from ...Your firm has taken on cost-saving measures that will provide a benefit of $10,000 in the first year. These cost savings will decrease each year at a rate of 3 percent forever. If the appropriate interest rate is 6 percent, ...The common stock of the Brangus Cattle Company had the following end-of-year stock prices over the last five years and paid no cash dividends:Time Brangus Cattle Company1 ............ $152 ............ 103 ............ ...
Post your question