A young man wishes to accumulate $350,000 at the end of five years so that he may
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Question:
A young man wishes to accumulate $350,000 at the end of five years so that he may make a down payment on a piece of land which cost $2,250,000.00.
a) What should his equal end of year deposit be to accumulate $350,000 at 10% rate of interest?
(b) If the young man receive the remaining portion of the Cost of the land from a financial institution at a rate of interest of 20% to be repaid over 5 years.
(i) Calculate the annual payment each year.
(ii) Prepare the amortization schedule for the loan.
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