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Question 6 You have just applied for a 30-year $100,000 mortgage at a rate of 10%. What must the annual payment be

Sagot :

tushargupta0691

$300,000 is the correct answer.

using simple interest,

P.R.T/100

=> 100000 . 30 . 10 /100

=> $300,000

       Learn more about simple intrest on

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The annual payment would be $10,607.92

Given that rate is 10%, nper is 30 year, pv  is -100000 and fv  is 0

Annual payment is to be find using the excel.

With respect to any Material Contract, Annual Payments means (x) the total amount of payments expected to be paid or received under such Material Contract (y) divided by the total number of years of the duration of such Material Contract.

These payments are made every year. For instance annuity payment.

Now using the excel the annual payment is computed:

Hence, the annual payment is $10,607.92

To know more about annual payments click here:

https://brainly.com/question/12205814

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