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% 30year loan.

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 
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. 
Mary Ann
Thank Ms Sue
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