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Homework Answers
The loan is for 15 years.
We shall calculate the value at end of year 1 and discount is back a year to find the loan amount.
| N | 15 |
| I/Y | 6.0000% |
| FV | - |
| PMT | $ 500,000.00 |
| CPT PV | $ 4,856,124.49 |
Discounting back a year=$4,856,124.49/(1.06)=$4,581,249.52
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This question has been answered incorrectly twice. If you cannot
do correctly please do not attempt. Thank you.
In an effort to save money for early retirement, an environmental engineering colleague plans to deposit $1,100 per month, starting one month from now, into a fixed rate account that pays 8% per year compounded quarterly. How much will be in the account at the end of 17 years? At the end of 17 years, the account will be$
This question has been answered incorrectly twice. Please do not
attempt if you cannot do correctly. Thank you.
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