A business has been involved in a lawsuit that they have lost in court. The judge has ordered money to be put in escrow during the appeal. This is to guarantee that the plaintiff will be able to receive the judgement, if the company loses its appeal. The plaintiff has been awarded annual payments in the amount of $12,000.00 for 18 years with the first payment to be made as soon as the appeal is decided. It was agreed by the judge and both parties that an estimated time for the the appeals process will last 5 years. If money is worth 3%, compounded annual. How much did the judge order the company to put into the annuity today at the start of the appeal process? The company put $ into the annuity at the start of the appeal process. (Round to 2 decimal
Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
A plaintiff has been awarded annual payments in the amount of $12,000.00 for 18 years with the first payment to be made as soon as the appeal is decided. both parties have an estimated time for the appeals process will last 5 years. If money is worth 3%, compounded annual. How much did the judge order the company to put into the
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
