You have just borrowed $250,000 from First Source Bank to pu…

You have just borrowed $250,000 from First Source Bank to purchase your new home. You took out a 30-year mortgage and the Annual Percentage Rate (APR) on the loan is 12% per year, compounded monthly. Your monthly payment is $2,571.53 and your first payment must be made one month from today. How much of your 360th payment (your last payment) is interest?

The following information is used for the next two questions…

The following information is used for the next two questions: Suppose you graduate from college today at age 23 (time t=0) and want to retire at age 60 (time t=37).  You expected earn an effective annual rate of 10% on your retirement savings.  You will make equal, end-of-the-year deposits to your account, with the goal to have $3,000,000 in your retirement account when you retire.

During the process of communication, a chain of events occur…

During the process of communication, a chain of events occurs as soon as the message is sent. Steps in this chain include transmission, perception, and evaluation. Place these steps in proper chronological order. (Separate letters by a comma and space as follows: A, B, C.)A.   TransmissionB.   PerceptionC.   Evaluation

In commercial real estate financing, it is common to assume…

In commercial real estate financing, it is common to assume each month has 30 days and each year has 360 days (not surprisingly, this method is called 30/360).  Suppose you are offering a commercial real estate loan to a customer with an APR of 9.00% with DAILY compounding of interest.  The loan that requires no money down and MONTHLY payments of $4,000 for five years starting one month from today.  What is the correct interest rate r to use in the annuity formula? [Answers are expressed in decimal form, so if you believe correct answer is 20%, answer below would be 0.200000000]