Posted by Pascal on .
loan made july 15, length of loan 150, date of discount november 20. how many days is the discount period

business math 
Reiny,
I am sure you can count days on a calendar just as well as I can.

business math 
ivet,
Ben and Mal Scott plan to buy a home for $272,900. They will make a 10% down payment, and qualify for a 25year, 7% mortgage loan.
a. What is the amount of their monthly payment?
b. how much interest will they pay over the life of the loan? 
business math 
M,
1. Find down payment.272900* 0.1.
2. Hence Future value = (272900  down payment).
3. Use I = 0.07, n= 25 and apply future value formula to get PMT.
FV = PMT ((1+ i)^n 1)

i
To get interest, PMT * 25  FV.