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7. A home-owners association expects to need $120,000 in 3 years to repaint the exterior of the condos. A fund is set up at 5.8% compounded monthly. Determine the amount of the monthly payments they will be required to deposit for the next 3 years. 8. You find your dream home in the mountains. The estimated cost of the cabin plus improvements is $325,000. You pay 20% down and finance the rest at 6.25% compounded monthly for 15 years. Find the amount of your monthly payment.

7. A home-owners association expects to need $120,000 in 3 years to repaint the exterior of the condos. A fund is set up at 5.8% compounded monthly. Determine the amount of the monthly payments they will be required to deposit for the next 3 years. 8. You find your dream home in the mountains. The estimated cost of the cabin plus improvements is $325,000. You pay 20% down and finance the rest at 6.25% compounded monthly for 15 years. Find the amount of your monthly payment.

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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M Tue Mar 2 *© 75% 7. A home-owners association expects to need $120,000 in 3 years to repaint the exterior of the condos. A fund is set up at 5.8% compounded monthly. Determine the amount of the monthly payments they will be required to deposit for the next 3 years. 8. You find your dream home in the mountains. The estimated cost of the cabin plus improvements is $325,000. You pay 20% down and finance the rest at 6.25% compounded monthly for 15 years. Find the amount of your monthly payment.
Transcribed Image Text:M Tue Mar 2 *© 75% 7. A home-owners association expects to need $120,000 in 3 years to repaint the exterior of the condos. A fund is set up at 5.8% compounded monthly. Determine the amount of the monthly payments they will be required to deposit for the next 3 years. 8. You find your dream home in the mountains. The estimated cost of the cabin plus improvements is $325,000. You pay 20% down and finance the rest at 6.25% compounded monthly for 15 years. Find the amount of your monthly payment.
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