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1. You get mortgage loan with a monthly payment (PI) of $1,342.57. The lender requires an escrow account. Property taxes are currently $1,426 per year and insurance is currently $640 per year. Calculate your total monthly payment (PITI).

$1,342.57

$2,066.00

$172.17

$1,514.74

2. Determine the present value of a 10 year annuity that pays $25,000 at the end of each year discounted at a rate of 4%.

A. $194,662

B. $202,772

C. $162,218

D. $240,000

3. You get a $240,000 mortgage loan at 6.25% with a monthly payment (PI) of $1,477.72. What is your balance after your first payment?

$239.772.28

$238.750

$240,000

$238,522.28

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M93051157

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