23 Jul WHAT IS THE TOTAL AMOUNT OF INTEREST YOU WILL PAY ON THIS LOAN OVER ITS LIFE?
A long lost elderly relative has willed you (and your heirs after you are gone) to receive $20000 a Show more A long lost elderly relative has willed you (and your heirs after you are gone) to receive $20000 a year forever in the future. If you are expected to receive the first of these payments 7 years from now how much is tihs inheritance worth today given aninterst rate of 3 percent? You currently have $ in a savings account. You plan to contribute $2500 to this account each year for 10 years starting a year from today. How much will you have in the account 10 years from now at an interst rate of 8 percent? You borrow $15000 as an interst only loan at an interest rate of 6 percent over 10 years. What is the total amount of interest you will pay on this loan over its life? Show less
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