Concept explainers
Building a House In Exercises 12–18, the Leungs decided to build a new house. The contractor quoted them a price of $144 500, including the lot. The taxes on the house would be $3200 per year, and homeowners’ insurance would cost $450 per year. They have applied for a conventional loan from a bank. The bank is requiring a 15% down payment, and the interest rate is
15. Determine the monthly payments of principal and interest for a 30-year loan.
Want to see the full answer?
Check out a sample textbook solutionChapter 10 Solutions
SURVEY OF MATHEMATICS - 24 MONTH MML CO
- The interest rate on your credit card is 6% and the credit card company has notified you that your rate will go up by 19 percentage points. What will your new interest rate be?arrow_forwardMr. Bagain borrowed P2,000,000 for the expansion of his farm supply business. The effective rate of interest is 8%. The loan is to be repaid in full after three years. How much is to be paid after three years? P2,219,424 O P2,319,424 P2,419,424 O P2,519,424 SLIDESMANIA COMarrow_forward2.) Isaiah's dad makes a deal with him that he needs to pay for 15% of his new puppy. If the puppy COSTS $125, how much will Isaiah pay?arrow_forward
- Often lottery winnings are divided into equal payments given annually for 20 – 25 years. So the present value of the winnings is worth less than the actual jackpot, depending on the rate at which money could be invested. Find the present value in dollars using the given conditions. Complete the table for each amount, interest rate, and number of payments. Jackpot Amount Interest Rate Equal Annual Payments Present Value (in dollars) $7,000,000 8% 20 $7,000,000 14% 20 $4 $7,000,000 8% 25 $ $7,000,000 14% 25 (Round to the nearest dollar as needed.)arrow_forward4. A student borrowed money from a friend at 5% simple interest to help pay for college tuition. At the end of the year the student owed a total of $1365 total of principle and interest. How much did the student borrow?arrow_forwardWhat are the terms of sale ?arrow_forward
- 4.) Mr. Henderson did not realize his checking account had a balance of –$200 when he used his debit card for a $317.25 purchase. What is his checking account balance after the purchase?arrow_forwardTearned in this section. 2. Pedro is retiring after working for 27 years at a major bank. The company offers him a flat monthly retirement benefit of $55 for each year of service. What will his monthly pension be?arrow_forwardWhat is the yield on a corporate bond with a $1000 face value purchased at a discount price of $875, if it pays 8% fixed interest for the duration of the bond? yield = [ ?] % %3D Give your answer as a percent rounded to the nearest hundredth. Hint: yield = interest paid price paid Enter 1 Acellus Corporation. All Rights Reserved. MacBook 20 1l DD F4 F7 F8 F9arrow_forward
- Hi, I asked this question an got an answer for it but I'm unable to understand what's happening in the written portion of the answer. Would you be able to breakdown each step in this answer/question and explain the math happening in the photo that was submitted. The question is: You have a $15,000 debt from your three-year college program. The interest rate charged is 6.8%. You have three options to pay back the loan. Which option will you take? Show your work, including any screen shots if you used an amortization table you may have used.In a brief paragraph, justify your decision, including a description of all factors that would affect that decision. (100-200 words)$450/month for three years$350/month for four years$285/month for five yearsarrow_forward34) Henry Smith buys a $100,000 T-bill at a 5.8% discount for 28 weeks. Find the purchase price of the T-bill. (Assume 52 weeks per year.)arrow_forwardAre revenues independent of the expansion decision?arrow_forward
- Discrete Mathematics and Its Applications ( 8th I...MathISBN:9781259676512Author:Kenneth H RosenPublisher:McGraw-Hill EducationMathematics for Elementary Teachers with Activiti...MathISBN:9780134392790Author:Beckmann, SybillaPublisher:PEARSON
- Thinking Mathematically (7th Edition)MathISBN:9780134683713Author:Robert F. BlitzerPublisher:PEARSONDiscrete Mathematics With ApplicationsMathISBN:9781337694193Author:EPP, Susanna S.Publisher:Cengage Learning,Pathways To Math Literacy (looseleaf)MathISBN:9781259985607Author:David Sobecki Professor, Brian A. MercerPublisher:McGraw-Hill Education