1. Christine de Pizan has a mortgage for $120,000. The interest rate is 8.25%,...
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Finance
1.
Christine de Pizan has a mortgage for $120,000. The interest rate is 8.25%, with monthly payments for 30 years. How much interest does she pay in the first year?
2.
Matilda Inc. has just purchased a new company headquarters. To finance the purchase, the company arranged of a 30-year mortgage loan for 90 percent of the 3,000,000 purchase price. The monthly payment on this loan will be $17,000. What is the Effective Annual Rate (not the APR) on this loan?
3.
Hildegard Bingen is planning to borrow $1,000,000 on a 5-year, 15 percent, annual payment, fully amortized term loan. What fraction (percentage) of the payment made at the end of the second year will represent repayment of principal?
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