1 you are planning on taking a 500000 20-year mortgage to, Ask an Expert

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1. You are planning on taking a $500,000, 20-year mortgage to buy a house. Assuming that your annual interest rate is fixed at 8% (compounded monthly) and that you pay off the mortgage in equal-sized monthly payments, what is the size of each payment?

2. You would like to have ?$70,000 available in 15 years. There are two options. Account A has a rate of 4.5% compounded once a year. Account B has a rate of 4?% compounded daily. How much would you have to deposit in each account to reach your? goal? Assume 365 days in a year.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92801273

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