business math

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

  • business math -

    I am sure you can count days on a calendar just as well as I can.

  • business math -

    Ben and Mal Scott plan to buy a home for $272,900. They will make a 10% down payment, and qualify for a 25-year, 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 -

    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.

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