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2680.28 for a simila loan if principal is 175000
Hence for 650 per month principal should be 650*175000/2680.28 = 42439.60.
For 15 years with same interest we found out
2656.14 if principal is 175000
For 650 monthly instalment principal should be 650*175000/2656.14=42825.30
a) 30 yr mortgage
Qno.3
Interest = 9.25% compounded monthly
Present age = 49
No of years = 70-49 =21 years
If we invest 100 dollars per month we get as below:
i.e. to get 132261.26 monthly deposit = 100
By goal seek we get 1280 monthly.
If you start with 1,280.00 in a savings account earning a 9.25% interest rate, compounded Monthly, and make 1,280.00 deposits on a Monthly basis, after 252 Months your savings account will have grown to 1,000,217.25 -- of which 323,840.00 is the total of your beginning balance plus deposits, and 676,377.25 is the total interest...