What if payment schedule was changed to end of each month

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Reference no: EM131925254

Question: 1. In order to purchase a home, a family borrows $484,000 at 6.4% for 30 years. What is thier monthly payments?
(round to the nearest cent)

a. $2581.33

b. $17,501.30

c. $4916.90

d. 3027.45

2. Determine the interest rate needed to accumulate the following amounts in the sinking fund, wirh monthly payments as Accumulated $200,000, monthly payments of $600 over 19 years.

3. You need to save over $500,000 over the next 9 years, how much should be deposited monthly if the investments earns 5% interest cmpounded at the beginning of each month? What if the payment schedule was changed to the end of each month?

Reference no: EM131925254

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