Math

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.

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asked by Cece
  1. 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

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    posted by Henry
  2. 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.

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    posted by Henry
  3. Thank Ms Sue

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