1. Bill took out a 30-year, $200,000 mortgage at 5% interest and monthly payments. After 12 years, Bill wants to pay off his house; about what is the principal balance on the loan?
$155,321.69
$152,715.26
$149,981.63
$151,325.67
None of the above
2. What is the total present value of $200 received in one year, $200 received in three years, and $500 received in four years if the discount rate is 6%?
$762.73
$752.65
$900.00