FIN3403 Business Finance Quiz 4 Results University of Central
Florida
Score for this attempt: 20 out of 20
Submitted Dec 2 at 9:19am
This attempt took 744 minutes.
pts
Question 1
What is the required monthly payment on a $350,000 mortgage? Assume a standard
mortgage (360 months) with monthly payments. Use a nominal rate of 6.90%.
Correct! $2,305
Question 2 pts
You just won the lottery, which promises you $260,000 per year for the next 20 years,
starting today (annuity due). If your discount rate is 7%, what is the present value of your
winnings?
Correct!
$2,947,254
Question 3 pts
, You are interested in saving money for your first house. Your plan is to make regular
deposits into an account that will earn 10.20% per year. Your first deposit of $3,500 will be
made today. You also plan
Florida
Score for this attempt: 20 out of 20
Submitted Dec 2 at 9:19am
This attempt took 744 minutes.
pts
Question 1
What is the required monthly payment on a $350,000 mortgage? Assume a standard
mortgage (360 months) with monthly payments. Use a nominal rate of 6.90%.
Correct! $2,305
Question 2 pts
You just won the lottery, which promises you $260,000 per year for the next 20 years,
starting today (annuity due). If your discount rate is 7%, what is the present value of your
winnings?
Correct!
$2,947,254
Question 3 pts
, You are interested in saving money for your first house. Your plan is to make regular
deposits into an account that will earn 10.20% per year. Your first deposit of $3,500 will be
made today. You also plan
