3. Assume a $200,000 mortgage with APR = 12%. In addition, the loan is a 7-year balloon with a 25-year amortization. what is the monthly payment?
.4. A financial instrument that you own promises an annual payment at the end of every year for eternity. The first payment you will receive will equal $2,000. Payments will grow at an annual 2.3%. if the annually compounded discount rate is 7.3%, what is the value of your instrument today?
.5. Let the nominal annual interest rate be 13% and be compounded quarterly. what is the APY and what is the quarterly periodic rate?
.6. For a given nominal annual rate, the periodic interest rate is always higher than the APY.
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