Determine the payment to amortize the debt. (Round your answer to the nearest cent.)Monthly payments on $150,000 at 5% for 25 years.
18. Determine the payment to amortize the debt. (Round your answer to the nearest cent.) Quarterly payments on $13,500 at 3.1% for 6 years.
19. Find the unpaid balance on the debt. (Round your answer to the nearest cent.) After 7 years of monthly payments on $170,000 at 4% for 25 years.
20. The super prize in a contest is $10 million. This prize will be paid out in equal yearly payments over the next 20 years. If the prize money is guaranteed by AAA bonds yielding 4%and is placed into an escrow account when the contest is announced 1 year before the first payment, how much do the contest sponsors have to deposit in the escrow account? (Round your answer to the nearest cent.)
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