5) You purchased a house for $500,000 today by putting down $100,000 and borrowed the...
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5) You purchased a house for $500,000 today by putting down $100,000 and borrowed the rest ($400,000). If the annual interest rate is 6% for 30 years, how much will your monthly payment be for this mortgage?
6) You won a lotto for $1 million! You have a choice of receiving a lump sum of $650,000 or receive $50,000 every year for the next 20 years. Which option would you choose? The current interest rate is 5%.
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