An annuity providing a rate of return of 3.9% compounded monthly was purchased for $45,000. The annuity
Question:
An annuity providing a rate of return of 3.9% compounded monthly was purchased for $45,000. The annuity pays $400 at the end of each month.
a. How much of Payment 37 will be interest?
b. What will be the principal portion of Payment 92?
c. How much interest will be paid by Payments 85 to 96 inclusive?
d. How much principal will be repaid in the fifth year?
e. What will be the amount of the final payment?
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