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A young couple has looked at their budget for a house. They agree that they can afford $1,200.00 per month for a mortgage payment. They share this information with the bank loan officer. The loan officer says they qualify for a 30-year mortgage with monthly payments. The interest rate on the loan will be an annual rate of 6.00% with monthly compounding.

What size loan will the bank offer the couple with these requirements?

A couple with a new baby girl want to set aside money today that will cover her four years of college. This will be a ONE-time contribution to a mutual fund that returns 9.00% per year on average. Currently, college tuition costs $44,100.00 for four years, but it is growing at 2.00% per year. The "baby" girl will start college in 17.00 years.

How much money must they set aside today to cover the cost of college?

Financial Management, Finance

  • Category:- Financial Management
  • Reference No.:- M92658822

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