Question: Hi, Please show all work . Please only do it if you know how to do it correctly, I don't want to learn something that

Hi,

Please show all work. Please only do it if you know how to do it correctly, I don't want to learn something that has mistakes. I am going to use it as a answer key to check for my answers.

I am using these to prepare for my exam. (Formula sheet attached also)

thank you for you kind help,

Hi, Please show all work. Please only do it if you know how to do it correctly, I don't want to learn something that

Example: (mortgage/loan) You purchase a condo unit downtown for $2,000,000 (inclusive of taxes, fees, etc.), paying a 20% downpayment up front, and financing the balance by taking out a mortgage loan from your bank, with an interest rate of 3.5% compounded monthly. (a) If your mortgage term is 30 years, how much are your monthly payments? (b) After 5 years you renegotiate the terms of your loan down to 3.0% compounded monthly. How much are your new monthly payments? Formulas Simple Compounding Interest: S = P(1+r)" Effective Annual Rate: Continuous Compounding Interest: S = Pern Effective Continuous Rate: Annuity (Future Value): Ec = tln (1+). S=R (1+"-1] [1-(1+r)-n A=R Annuity (Present Value)

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