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Kelly and Tim Jones plan to refinance their mortgage to obtain a lower interest rate. They will reduce their mortgage payments by $83 a month. Their closing costs for refinancing will be $1,670. How long will it take them to recover the cost of refinancing
Total time to recover refinancing cost = 1670/83 = 20.12 Months
Calculating Net Asset Value. Given the information below, calculate the net asset value for the New Empire small-cap mutual fund. Total assets $350,000,000 Total liabilities $10,000,000 Total number of shares 17,000,000
Net Asset = 350000000-10000000 = 25000000
Nest Asset Value = 25000000/17000000 = $1.4706 Per Share
Using time value of money tables, calculate the future value of $450 six years from now at 7 percent
FV = 450*FVIF (7%, 6 period)
FV= 450*1.5007 = $675.32
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