New York University Monthly Payment and Savings per Year Questions.
I don’t know how to handle this Business Law question and need guidance.
Use this information to answer the following 4 questions:
Beau’s wife Taylor bought a house one month ago. Because she worked hard in school, she landed a wonderful job which allowed her to take out a 30-year mortgage of $250,000 with an APR of 3.2%. All payments are monthly.
What is the monthly payment? Round to the nearest cent.
Immediately after Taylor makes her first payment, what is her remaining loan balance? Round your final answer to the nearest dollar.
Assume that right after Taylor makes her 31st payment, the balance is $236,623.00. How much of the next payment goes towards interest? Round your final answer to the nearest dollar.
Assume that right after Taylor makes her 31st payment, the balance is $236,623.00. How much of the next payment goes towards principal? Round your final answer to the nearest dollar.
Your friend gifts you a financial gift that promises to pay you $100 per year forever, with the first payment starting 5 years from today. If the interest rate is 5%, what is the value of the gift to you today? Round your final answer to the nearest cent.
You win the NH lottery. You will receive 20 annual installments of $20,250 with the first payment received today. What is the present value of your winnings if the interest rate is 4%? Round your final answer to the nearest cent.
You want to retire happy and think you will need $10,000,000 by the time you retire to do so. If you currently have saved $5,000, you plan to retire in 40 years, and the interest rate is 7% per year, how much do you need to save each year? Round your final answer to the nearest cent.
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