What is the balance of the mortgage at end of five years

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Reference no: EM131867825

1. Calculating Annuities Due You want to buy a new sports car from Muscle Motors for $64,000. The contract is in the form of a 60-month annuity due at an APR of 6.15 percent. What will your monthly payment be?

2. A mortgage requires you to pay $2,000 at the end of each month for the next 30 years. The annual interest rate is 6%. What is the balance of the mortgage at the end of 5 years? (round to nearest whole dollar)

Reference no: EM131867825

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