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After graduation, you plan to work for Mega Corporation for 10 years and then start your own business. You expect to save $5,000 a year for the first 5 years and $10,000 annually for the following 5 years, with the first deposit being made a year from today. In addition, your grandfather just gave you a $10,000 graduation gift which you will deposit immediately. If the account earns 8% compounded annually, what how much will you have when you start your business 10 years from now?

A 30-year, $115,000 mortgage has a nominal annual rate of 7%. All payments are made at the end of each month.

What is the monthly payment on the mortgage?

What is the remaining balance on the mortgage after 5 years?

How much of your 2nd monthly payment will go toward the repayment of principal?

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  • Category:- Basic Finance
  • Reference No.:- M956529

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