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. If Jason graduates from UNCC at the age of 21 and begins saving \$300 a month at a rate of 7% compounded monthly, how much will he have saved by the age of 312 \$51,925.44

10. At the age of 31 Jason takes 50,000 of his savings and makes a 20% down payment on a \$250,000 new house. He gets a 6.5% fixed rate, 30 year mortgage from Community Bank of Charlotte. What are his monthly payments? \$1,264.14
11. The Community Bank of Charlotte immediately decides to sell Jason’s loan to Wells Fargo. How much will Wells Fargo pay for Jason’s loan to achieve a yield of 6.25%? \$205,311.15
12. In ten years, Jason’s house appreciates at a steady rate of 5% a year. What is the value of his home in ten years? \$407,223.66 nswerkey.pdf (268 KB)
13. Jason makes all his monthly mortgage payment and after ten years he has paid down \$30,447.75 of his ban. How much has be paid in interest? \$121,249.05
14. Big Bank underwrites a \$90,000,00, ten-year loan with a 20-year amortization on a portfolio of commercial property at an interest rate of 7% compounded monthly. What is the monthly payment? \$697,769.04
15. Your best friend needs to borrow \$200. He can begin making monthly payments on the debt in one year. If an appropriate rate of interest is 8%, how large should his payments be to repay you in 12 monthly periods? \$18.84

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