Can someone help me with these math word problems, please?

Question

1. Find the monthly payments on a 45 year $180,000 mortgage at 7% compounded monthly.

2. If $1000 is invested at an anual rate of 8% compunded quarterly, what is the value of the account at the end of 10 years?

Please list steps if possible. I have a test tomorrow and these will be on. Thank you.

Answer 1

i'll do number 2 first:

Amount=Principle(1+(rate/compounding))raised to(^)(compounding*time)

A=1000(1+(.08/4))^(4*10)

Amount = $2208.04

i'm not sure how to do number 1, sorry (but i know for sure number 2 is right)

Answer 2

Ok,

I think you have to follow this formula
A=P(1+r/n)^nt where
A-account balance ( this you don't know)
P-principal amount ( this is the 180,000)
R is the annual rate( in decimal form . . so yours would be .08)
n is the number of times compounded ( since its monthly, its 12. If compounded quarterly its 4)
t is the number of years( assume its 1 for the first problem, but in the second one its 10)

Plug in everything and solve

Answer 3

I'll respond to the first problem,
1- convert the number of years (term) to months -- multiplying by 12
2- multiply the mortgage principal by 1.07 (107 percent)
2b - alternately you can multiply the principal by .07 and add the result to the principal...this should result in the same amount.
3 - divide the total by the number of months calculated in step one. -- this will give you the amount to be paid monthly