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Today is January 19 2020 You take out a $300000 mortgage with a 5% annual fixed interest rate. The mortgage is a fully amortizing loan that requires you to make payments at the end of each month

Today is January 19, 2020. You take out a $300,000 mortgage with a 5% annual fixed interest rate. The mortgage is a fully amortizing loan that requires you to make payments at the end of each month for the next 20 years. Your first payment is due January 31", 2020. 9. Your monthly mortgage payment is closest to: a) $1,250 b) $1,972 c) $1,980 d) $1,988 e) $15,000 10. On what date will you finally have half of your home paid off? a) March 31, 2028 b) January 31, 2030 c) January 31, 2032 d) May 31, 2032 e) March 31", 2034 11. In two years, you will receive the 1st payment from an irrevocable trust your grandparents set up. The trust is set up make payments forever. The appropriate discount rate is 2.0%. The 1st payment is for $500 and the payments will increase by 1.0% per year every year thereafter. The present value of all the future trust payments is closest to: a) $24,510 b) $25,000 c) $48,058 d) $49,020 e) $50,000

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