Chapter 14, Problem 1AT

BuyFind*arrow_forward*

8th Edition

Robert Brechner + 1 other

ISBN: 9781305585447

Textbook Problem

You are one of the branch managers of the Insignia Bank. Today two loan applications were submitted to your office. Calculate the requested information for each loan.

Amount Financed |
Interest Rate |
Term of Loan |
Number of $1,000s Financed |
Table Factor |
Monthly Payment |
Total Interest |

$155,900 | 4.50% | 25 years | ______ | ______ | _________ | __________ |

To determine

**To calculate:** The number of

Explanation

**Given Information:**

Amount Financed is

**Formula used:**

The formula for the number of

Use the table 14.1 to calculate the table factor. Locate the table factor on the intersection of the number of years column and the interest rate row.

The formula for Monthly payment is

And

Total interest is given by,

**Calculation:**

Consider the provided values,

To calculate number of

Sect-14.I P-1TIESect-14.I P-2TIESect-14.I P-3TIESect-14.I P-4TIESect-14.I P-5TIESect-14.I P-1RESect-14.I P-2RESect-14.I P-3RESect-14.I P-4RESect-14.I P-5RE

Sect-14.I P-6RESect-14.I P-7RESect-14.I P-8RESect-14.I P-9RESect-14.I P-10RESect-14.I P-11RESect-14.I P-12RESect-14.I P-13RESect-14.I P-14RESect-14.I P-15RESect-14.I P-16RESect-14.I P-17RESect-14.I P-18RESect-14.I P-19RESect-14.I P-20RESect-14.I P-21RESect-14.I P-22RESect-14.II P-6TIESect-14.II P-7TIESect-14.II P-1RESect-14.II P-2RESect-14.II P-3RESect-14.II P-4RESect-14.II P-5RESect-14.II P-6RESect-14.II P-7RESect-14.II P-8RESect-14.II P-9RESect-14.II P-10RESect-14.II P-11RESect-14.II P-12RESect-14.II P-13RESect-14.II P-14RESect-14.II P-15RESect-14.II P-16RESect-14.II P-17RESect-14.II P-18RESect-14.II P-19RESect-14.II P-20RESect-14.II P-21RESect-14.II P-22RECh-14 P-1CRCh-14 P-2CRCh-14 P-3CRCh-14 P-4CRCh-14 P-5CRCh-14 P-6CRCh-14 P-7CRCh-14 P-8CRCh-14 P-9CRCh-14 P-10CRCh-14 P-11CRCh-14 P-12CRCh-14 P-13CRCh-14 P-14CRCh-14 P-1ATCh-14 P-2ATCh-14 P-3ATCh-14 P-4ATCh-14 P-5ATCh-14 P-6ATCh-14 P-7ATCh-14 P-8ATCh-14 P-9ATCh-14 P-10ATCh-14 P-11ATCh-14 P-12ATCh-14 P-13ATCh-14 P-14ATCh-14 P-15ATCh-14 P-16ATCh-14 P-17ATCh-14 P-18ATCh-14 P-19ATCh-14 P-20ATCh-14 P-21ATCh-14 P-22AT

Mathematical Excursions (MindTap Course List)

Single Variable Calculus

Essentials of Statistics for The Behavioral Sciences (MindTap Course List)

Applied Calculus for the Managerial, Life, and Social Sciences: A Brief Approach

Calculus (MindTap Course List)

Understanding Basic Statistics

Calculus: An Applied Approach (MindTap Course List)

Statistics for The Behavioral Sciences (MindTap Course List)

Finite Mathematics

Intermediate Algebra

Essentials Of Statistics

Calculus: Early Transcendentals

Calculus: Early Transcendental Functions

Finite Mathematics and Applied Calculus (MindTap Course List)

Elementary Geometry For College Students, 7e

Single Variable Calculus: Early Transcendentals, Volume I

Elementary Technical Mathematics

Multivariable Calculus

Precalculus: Mathematics for Calculus (Standalone Book)

Applied Calculus

Probability and Statistics for Engineering and the Sciences

Mathematical Applications for the Management, Life, and Social Sciences

Single Variable Calculus: Early Transcendentals

Calculus: Early Transcendental Functions (MindTap Course List)

Calculus of a Single Variable

Trigonometry (MindTap Course List)

Elements Of Modern Algebra

Study Guide for Stewart's Multivariable Calculus, 8th

Study Guide for Stewart's Single Variable Calculus: Early Transcendentals, 8th

Finite Mathematics for the Managerial, Life, and Social Sciences

Elementary Geometry for College Students

College Algebra (MindTap Course List)

Calculus (MindTap Course List)

Statistics for Business & Economics, Revised (MindTap Course List)

Mathematics For Machine Technology

Research Methods for the Behavioral Sciences (MindTap Course List)

Introduction To Statistics And Data Analysis

Mathematics: A Practical Odyssey

STATISTICS F/BUSINESS+ECONOMICS-TEXT

Research Methods for the Behavioral Sciences (MindTap Course List)