Determine the payment to amortize the debt

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Reference no: EM131135322

1. In the following ordinary annuity, the interest is compounded with each payment, and the payment is made at the end of the compounding period. How much must you invest each month in a mutual fund yielding 14.7% compounded monthly to become a millionaire in 10 years? (Round your answer to the nearest cent.) $

2. Calculate the present value of the annuity. (Round your answer to the nearest cent.) $14,000 annually at 6% for 10 years. $

3. Determine the payment to amortize the debt. (Round your answer to the nearest cent.) Monthly payments on $140,000 at 3% for 25 years. $

4. Determine the payment to amortize the debt. (Round your answer to the nearest cent.) Quarterly payments on $11,500 at 3.5% for 6 years. $

Reference no: EM131135322

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