Math

posted by Cece

4. Find the monthly payment for the loan. (Round your answer to the nearest cent.)
\$700 loan for 12 months at 15%

5. Find the monthly payment for the loan. (Round your answer to the nearest cent.)
A \$128,000 home bought with a 20% down payment and the balance financed for 30 years at 8.5%

6. Find the monthly payment for the loan. (Round your answer to the nearest cent.)
Finance \$550,000 for a warehouse with a 10.50% 30-year loan.

1. Henry

4. P = Po*r*t/(1-(1+r)^-t))

Po = \$700

r = (15%/12)/100% = 0.0125 = Monthly %
rate expressed as a decimal.

t = 12 Months.

Plug the above values into the given Eq
and get:

P = 758.17

Monthly payment = P/12

5. Po = 0.80 * 128,000 =

t = 30yrs * 12mo/yr = 360 mo.

Answer: P = \$283,452.37; \$787.37/mo.

Use same Eq and procedure as prob. #4.

6. Use same Eq and procedure as prob. 4
and 5.

Answer: P = 1,811,183.3

2. Henry

4. P = Po*r*t/(1-(1+r)^-t))

Po = \$700

r = (15%/12)/100% = 0.0125 = Monthly %
rate expressed as a decimal.

t = 12 Months.

Plug the above values into the given Eq
and get:

P = 758.17

Monthly payment = P/12

5. Po = 0.80 * 128,000 =

t = 30yrs * 12mo/yr = 360 mo.

Answer: P = \$283,452.37; \$787.37/mo.

Use same Eq and procedure as prob. #4.

6. Use same Eq and procedure as prob. 4
and 5.

Answer: P = \$1,811,183.35; \$5031.07/mo.

3. Mary Ann

Thank Ms Sue

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