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.

Question 1

What is the monthly payment? Round to the nearest cent.

Question 2

Immediately after Taylor makes her first payment, what is her remaining loan balance? Round your final answer to the nearest dollar.

Question 3

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.

Question 4

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.

Question 5

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.

Question 7

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.

Question 8

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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