Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 13 Aug 2017 My Price 5.00

lump sum

An elderly lady owns a home for which she had completely paid. She arranges a reverse mortgage for $100,000 whereby she will receive monthly payments for the home form a bank. She will be allowed to live in the house until her death, whereupon her estate will receive the equivalent of the remaining payments in a lump sum. The bank then owns the home. One month after she turns 70, she begins receiving monthly payments on a 30-year reverse mortgage at 7% interest compounded monthly. I've calculated the (correct) answer of her receiving 665.30$ a month but I am trying to figure out what lump sum payment will be made to the estate if she dies at age 80. The answer is (85,812$) but I am having trouble getting this. Any help would be appreciated.

Answers

Maurice Tutor
(5)
Status NEW Posted 13 Aug 2017 12:08 PM My Price 5.00

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