# Finite Math

posted by .

Time-share sales provide an opportunity for vacationers to own a resort condo for 1 week (or more) each year forever. The owners may use their week at their own condo or trade the week and vacation elsewhere. Timeshare vacation sales usually require payment in full or financing through the time-share company, and interest rates are usually in the 13% to 18% range. Suppose the cost to buy a 1-week time share in a 3-bedroom condo is \$21,773. Also suppose a 10% down payment is required, with the balance financed for 15 years at 17.5%, compounded monthly. (Round your answers to the nearest cent.)
(a) Find the monthly payment.
\$ 1

(b) Determine the total cost over the life of the loan.
\$ 2

(c) Suppose maintenance fees for this condo are \$400 per year. Find the annual cost of the condo over the life of the loan. Assume that the annual maintenance fees remain constant.
\$ 3

(d) Use (c) and the 10% down payment to determine the average annual cost for having this vacation condo for 1 week over the life of the loan.
\$ 4

## Similar Questions

1. ### Math

The chart shows the number of cars sold per week at a car dealership during the month of June. Salesperson Week 1 Week 2 Week 3 Week 4 Tim 4 8 2 1 Geena 1 2 7 1 Rafael 2 1 5 4 Sonny 4 1 1 10 How should the data be displayed to make …
2. ### math

Time-share sales provide an opportunity for vacationers to own a resort condo for 1 week (or more) each year forever. The owners may use their week at their own condo or trade the week and vacation elsewhere. Timeshare vacation sales …
3. ### math

The sales goal for your store this week is \$22,682. The sales goal for your store this week last year was \$20,128. Your store has averaged 1775 transactions per week for the last four weeks. Assuming the number of transactions is consistent, …
4. ### math

The sales goal for your store this week \$22,682. The sales goal for your store this week last year was \$20,128. Your store has averaged 1775 transactions perweek or the last four weeks. What is the percent change in your sales goal …
5. ### math

he sales goal for your store this week is \$22,682. The sales goal for your store this week last year was \$20,128. Your store has averaged 1775 transactions per week for the last four weeks. What is the percent change in your sales …
6. ### Math

a saleperson earn 400\$ per week plus 4% commission on sales that week. What dollar value of sales in the week person must have to earn \$1100 that week?
7. ### Math

Trina is planning on spending 2/5 as much time this week as last week practicing the piano. Is this more or less time than she spent last week?
8. ### Intro to Algebra

In 19977, a math professor bought her condominium for \$60,000. The value of the condo has risen steadily so that in 2007 real estate agents tell her the condo is now worth \$750,000. Find a formula to represent these facts about the …
9. ### College Algebra

In 1977, a math professor bought her condominium for \$60,000. The value of the condo has risen steadily so that in 2007 real estate agents tell her the condo is now worth \$750,000. Find a formula to represent these facts about the …
10. ### math

MALU EARNS rs5 MORE IN A WEEK THAN IN PRECEEDING WEEK.HE EARNED rs135 IN FIRST WEEK.HOW MUCH WILL HE EARN AT THE END OF 39th WEEK?

More Similar Questions