![]() (a) The amount of interest included in the June payment (round your answer to the nearest cent). Assuming that Amy makes the June monthly mortgage payment of $1536, calculate the following: The interest rate for the loan is 8.125 percent. We add the amounts in the table to find the total value of the annuity at the end of the 3 rd year. Here is a table that describes the amounts that contribute to the total value of the annuity at the end of the 3 rd year. Also, the $2508 principal from the previous year earns 9% interest. (c)Finding the total value of the annuity at the end of the 3 rd yearĪt the end of the 3 rd year, Mary makes another $1200 payment. We add the amounts in the table to find the total value of the annuity at the end of the 2 nd year. Here is a table that describes the amounts that contribute to the total value of the annuity at the end of the 2nd year. ![]() Also, the $1200 principal from the previous year earns 9% interest. ![]() (b)Finding the total value of the annuity at the end of the 2nd yearĪt the end of the 2nd year, Mary makes another $1200 payment. So, the total value of the annuity at the end of the 1st year is $1200. Since the payment is made at the end of the 1st year, the $1200 payment does not earn interest in the 1st year. (a)Finding the total value of the annuity at the end of the 1st yearĪt the end of the 1st year, Mary makes a $1200 payment. (c)Find the total value of the annuity at the end of the 3rd year (b)Find the total value of the annuity at the end of the 2nd year (a)Find the total value of the annuity at the end of the 1st year Do not round any intermediate computations nor answers. She deposits $1200 at the end of each year in an ordinary annuity that pays 9% interest, compounded annually.Īnswer each part. Q.1) Mary wants to save money for her son’s college tuition. Here’s a few example questions and answers: Their qualifications are too impressive to list but just know that if you need help with this platform or any challenge it brings up, these guys are experts and can handle anything. We have the best, most experienced team for McGraw Hill Connect Answers.
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