If a student makes monthly deposits of $1,000 into an account with a nominal annual interest rate of 4.5% compounded quarterly, will he have enough after 5 years to purchase a $105,000 property in cash? USE: Non-Annual Compounding

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A: Here,

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A: Kindly refer the image attached below for solution.

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A: “Since you have posted multiple questions, we will provide the solution only to the first question…

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.