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July 1, 2015

Homework Help: Math

Posted by Michelle on Monday, January 17, 2011 at 5:10pm.

4. Vanna has just financed the purchase of a home for $200 000. She agreed to repay the loan by making equal monthly blended payments of $3000 each at 9%/a, compounded monthly.

c. How long will it take to repay the loan?

d. How much will be the final payment?

e. Determine how much interest she will pay for her loan.


g. How much sooner would the loan be paid if she made a 15% down payment?

h. How much would Vanna have saved if she had obtained a loan at 7%/a, compounded monthly?

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