17. Determine the payment to amortize the debt. (Round your answer to the neares

Question

17. 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.)
$

Explanation / Answer

17)use pmt formulae in excel to find the monthly payment

pmt(rate,nper,pv,fv,type)

=PMT(5%/12,25*12,-150000,,0)=$876.89

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