Question: Please answer the three questions below Question 10 (6.66 points) Several years ago, Bill Smith borrowed $125,000 to buy his house. He has a 15

Please answer the three questions below

Please answer the three questions below Question 10 (6.66 points) Several years

Question 10 (6.66 points) Several years ago, Bill Smith borrowed $125,000 to buy his house. He has a 15 year, monthly payment mortgage with an interest rate of 8.75 percent per annum. Bill is thinking about refinancing his house so he would like to know the payoff on his current loan. Assuming that he just made payment number 65, compute the payoff on Bill's loan. (Round your answer to 2 decimal places; record your answer without commas and without a dollar sign). Your Answer: Answer Question 11 (6.66 points) I plan to deposit $488 into my retirement every year for the next 25 years. The first deposit will be made today (that is, at t 0) and the last deposit will be made at the end of year 24 (that is, at t-24). I plan to make no other deposits. Assuming that I will earn 12.45 % pa. on my retirement funds, how much money will I have accumulated 36 years from today (that is, at t-36)? (Round your answer to 2 decimal places; record your answer without commas and without a dollar sign). Your Answer: Answer Question 12 (6.66 points) Assume that you deposit $467 each year for the next 15 years into an account that pays 17 percent per annum. The first deposit will occur one year from today (that is, at t 1) and the last deposit will occur 15 years from today (that is, at t- 15). How much money will be in the account 15 years from today? (Round your answer to 2 decimal places;record your answer without commas and without a dollar sign). Your

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!