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Question: A) How much, rounded to the nearest dollar, would we have to deposit now into an account paying 0.6125% compounded annually to have 25% down payment on a $547,800 house six years and eight months from now?

B) How much less, rounded to the nearest dollar, would we have to deposit to have our down payment of we could earn 6 1/8 % compounded continuously of 0.6125% compounded annually?

C) If the escrow on our loan for the house in part A) consists of liability insurance that is $ 9865 per year, mortgage insurance that is 0.81% of the amount we had to borrow for the house in part A), and annual property taxes are 1.09% of the assessed value [ which is the selling price of the house in part A)], how much does our escrow add to our monthly loan payment?

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Basic Finance, Finance

Category:- Basic Finance
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