Question

16. A couple took out a $350,000.00 mortgage sen years ago. The original terms called for 30 years of monthly payments at a 6.00% APR. The couple has made all payments over the last 10 years. Currently, the couple is considering re-financing their mortgage balance. The new mortgage will be for 30 years at the lower rate of 4.20% APR with monthly compounding. The mortgage will call for monthly payments. What is the new monthly payment if the couple refinances? A. 1,336.75 B. 1,398.35 C. 1,432.33 D. 1,492.96 E. 1,514.03 17. Which of the following investment options is most valuable? Assume positive interest rate. A. receiving $10,000 today B. receiving $1,000 per year for 10 years with the first payment made today C. receiving $2,000 per year for five years beginning next year D. receiving $5,000 today and $5,000 next year 18. You have $2,000 in your account today. And you will deposit $500 per year for 10 years into the account that earns 5%. The first deposit is made next year. How much will be in the account 15 years from today? A. 8,288.95 B. 7,513.28 C. 10,068.42 D. 12,184.37 E. 15,207.20

          16. A couple took out a $350,000.00 mortgage sen years ago. The original terms called for 30 years of monthly payments at a 6.00% APR. The couple has made all payments over the last 10 years. Currently, the couple is considering re-financing their mortgage balance. The new mortgage will be for 30 years at the lower rate of 4.20% APR with monthly compounding. The mortgage will call for monthly payments.
What is the new monthly payment if the couple refinances?
A. 1,336.75
B. 1,398.35
C. 1,432.33
D. 1,492.96
E. 1,514.03
17. Which of the following investment options is most valuable? Assume positive interest rate.
A. receiving $10,000 today
B. receiving $1,000 per year for 10 years with the first payment made today
C. receiving $2,000 per year for five years beginning next year
D. receiving $5,000 today and $5,000 next year
18. You have $2,000 in your account today. And you will deposit $500 per year for 10 years into the account that earns 5%. The first deposit is made next year. How much will be in the account 15 years from today?
A. 8,288.95
B. 7,513.28
C. 10,068.42
D. 12,184.37
E. 15,207.20

16. A couple took out a 350,000.00 mortgage sen years ago. The original terms called for 30 years of monthly payments at a 6.00% APR. The couple has made all payments over the last 10 years. Currently, the couple is considering re-financing their mortgage balance. The new mortgage will be for 30 years at the lower rate of 4.20% APR with monthly compounding. The mortgage will call for monthly payments.
What is the new monthly payment if the couple refinances?
A. 1,336.75
B. 1,398.35
C. 1,432.33
D. 1,492.96
E. 1,514.03
17. Which of the following investment options is most valuable? Assume positive interest rate.
A. receiving10,000 today
B. receiving 1,000 per year for 10 years with the first payment made today
C. receiving2,000 per year for five years beginning next year
D. receiving 5,000 today and5,000 next year
18. You have 2,000 in your account today. And you will deposit500 per year for 10 years into the account that earns 5%. The first deposit is made next year. How much will be in the account 15 years from today?
A. 8,288.95
B. 7,513.28
C. 10,068.42
D. 12,184.37
E. 15,207.20

Added by William C.

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