You obtain a car loan of $28,500 for 5 years at 4.9% interest compounded monthly. a)What are the monthly payments? (b) You decide to pay an extra $50.00 per period as you pay back the loan. By doing this, you will decrease the loan duration by approximately how many periods? (c) In addition to paying an extra $50.00 per period as you pay back the loan, you decide to make an extra payment of $150 at the fifth period and $200 at the seventh period. By doing this, you will decrease the original loan duration by approximately how many periods?
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
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Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
You obtain a car loan of $28,500 for 5 years at 4.9% interest compounded monthly.
a)What are the monthly payments?
(b) You decide to pay an extra $50.00 per period as you pay back the loan. By doing this, you will decrease the loan duration by approximately how many periods?
(c) In addition to paying an extra $50.00 per period as you pay back the loan, you decide to make an extra payment of $150 at the fifth period and $200 at the seventh period. By doing this, you will decrease the original loan duration by approximately how many periods?
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