You are thinking about purchasing a recently developed app t…

You are thinking about purchasing a recently developed app that should produce $100,000 profit at the end of the first year.  Market research suggests the profit will then grow at a rate of 1.5% per year forever. If the appropriate interest rate is 7% per year, compounded annually, then the current value of this app is closest to:

The McHenry Group purchased a piece of property for $900,000…

The McHenry Group purchased a piece of property for $900,000. The McHenry Group financed this purchase by taking out a loan for $900,000. The loan terms require monthly payments for 10 years at an Annual Percentage Rate (APR) of 6.6% compounded monthly. The first monthly mortgage payment will be made one month from today. What is the amount of each mortgage payment?