Find the periodic withdrawals PMT for the given annuity account. (Assume end-of-period withdrawals and compounding at the same intervals as withdrawals. Round your answer to the nearest cent.) $200,000 at 4%, paid out monthly for 16 years, leaving $10,000 in the account after the 16 years PMT = $__________ 2. Determine the periodic payments PMT on the given loan or mortgage. (Round your answer to the nearest cent.) $80,000 borrowed at 5% for 10 years, with monthly payments PMT = $_______
Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
1. Find the periodic withdrawals PMT for the given
$200,000 at 4%, paid out monthly for 16 years, leaving $10,000 in the account after the 16 years
PMT = $__________
2.
Determine the periodic payments PMT on the given loan or mortgage. (Round your answer to the nearest cent.)
$80,000 borrowed at 5% for 10 years, with monthly payments
PMT = $_______
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