Question: 7) A 6% compounded monthly mortgage will be repaid over 30 years with monthly payments of $1,200. Find: a. The amount of the mortgage b.

7) A 6% compounded monthly mortgage will be repaid over 30 years with monthly payments of $1,200. Find: a. The amount of the mortgage b. The price of the house if a down payment of $499,850.06 is made 8) Eden Rosewood is saving up for her retirement 22 years from today by making $500 monthly deposits into a savings account that earns her 6% compounded monthly. At retirement, she would like to receive monthly payments of for an expected 17 years. If rates always stay the same always, how large will those monthly payments be over the 17 years after retirement? a. How much money will she have in 22 years? b. How large can those monthly payments be after retirement? 9) To finance a vacation in 3 years, Abbas saves $100 at the end of every month in an account that earns interest at 1.75% compounded monthly a. What is the balance in his account in 3 years? b. If he decides to wait a year and continues to save the same amount of money, how much money does he have in 4 years? c. How much more money will he have in 4 years than in 3 years? A

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