Contemporary Mathematics for Business and Consumers
7th Edition
ISBN: 9781285189758
Author: Robert Brechner, George Bergeman
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 14.I, Problem 5RE
To determine
To calculate: The number of
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Using this table as needed, calculate the required information for the mortgage. (Round dollars to the nearest cent.)
AmountFinanced
InterestRate
Termof Loan(years)
Numberof $1,000sFinanced
TableFactor(in $)
MonthlyPayment(in $)
TotalInterest(in $)
$165,300
7.25%
15
As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI (in $), using this table and the monthly PITI (in $) for the mortgage. (Round dollars to the nearest cent.)
AmountFinanced
InterestRate
Termof Loan(years)
MonthlyPI
AnnualPropertyTax
AnnualInsurance
MonthlyPITI
$220,000
7.50%
25
$6,573
$2,156
As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI (in $), using this table and the monthly PITI (in $) for the mortgage. (Round dollars to the nearest cent.)
AmountFinanced
InterestRate
Termof Loan(years)
MonthlyPI
AnnualPropertyTax
AnnualInsurance
MonthlyPITI
$260,000
9.50%
25
$6,573
$2,126
Chapter 14 Solutions
Contemporary Mathematics for Business and Consumers
Ch. 14.I - What is the monthly payment and total interest on...Ch. 14.I - Prob. 2TIECh. 14.I - Prob. 3TIECh. 14.I - Prob. 4TIECh. 14.I - Prob. 5TIECh. 14.I - Using Table 14-1 as needed, calculate the required...Ch. 14.I - Prob. 2RECh. 14.I - Using Table 14-1 as needed, calculate the required...Ch. 14.I - Prob. 4RECh. 14.I - Prob. 5RE
Ch. 14.I - Prob. 6RECh. 14.I - Using Table 14-1 as needed, calculate the required...Ch. 14.I - Prob. 8RECh. 14.I - As one of the loan officers for Grove Gate Bank,...Ch. 14.I - As one of the loan officers for Grove Gate Bank,...Ch. 14.I - As one of the loan officers for Grove Gate Bank,...Ch. 14.I - As one of the loan officers for Grove Gate Bank,...Ch. 14.I - As one of the loan officers for Grove Gate Bank,...Ch. 14.I - As one of the loan officers for Grove Gate Bank,...Ch. 14.I - Ben and Mal Scott plan to buy a home for $272,900....Ch. 14.I - 16. Michael Sanchez purchased a condominium for...Ch. 14.I - 17. Luis Schambach is shopping for a 15-year...Ch. 14.I - 18. Phil Pittman is interested in a fixed-rate...Ch. 14.I - 19. Larry and Cindy Lynden purchased a townhome in...Ch. 14.I - Heather Gott bought a home with an adjustable-rate...Ch. 14.I - Joe and Gloria Moutran art purchasing a house in...Ch. 14.I - 22. You are a real estate broker for Aurora...Ch. 14.II - Justin Schaefer owns a home that was recently...Ch. 14.II - Roman Bass cams a gross income of $3,100 per...Ch. 14.II - For the following second mortgage applications,...Ch. 14.II - For the following second mortgage applications,...Ch. 14.II - For the following second mortgage applications,...Ch. 14.II - For the following second mortgage applications,...Ch. 14.II - For the following second mortgage applications,...Ch. 14.II - For the following second mortgage applications,...Ch. 14.II - For the following second mortgage applications,...Ch. 14.II - Calculate the housing expense ratio and the total...Ch. 14.II - Calculate the housing expense ratio and the total...Ch. 14.II - Prob. 10RECh. 14.II - Prob. 11RECh. 14.II - Prob. 12RECh. 14.II - Prob. 13RECh. 14.II - Prob. 14RECh. 14.II - Use Exhibit 14-4, Lending Ratio Guidelines, on...Ch. 14.II - 16. Ronald and Samantha Brady recently had their...Ch. 14.II - Prob. 17RECh. 14.II - Ransford and Alda Mariano own a home recently...Ch. 14.II - Prob. 19RECh. 14.II - Jamie and Alice Newmark have a combined monthly...Ch. 14.II - Prob. 21RECh. 14.II - According to moncy.CNN.com. with mortguge rates...Ch. 14 - 1. Land, including permanent improvements on that...Ch. 14 - A(n) ___________ is a loan in which real property...Ch. 14 - Mortgage ___________ points are an extra charge...Ch. 14 - Prob. 4CRCh. 14 - 5. A(n) ___________ account is a bank account used...Ch. 14 - Prob. 6CRCh. 14 - Prob. 7CRCh. 14 - Prob. 8CRCh. 14 - Prob. 9CRCh. 14 - Prob. 10CRCh. 14 - A home equity ___________ is a lump-sum second...Ch. 14 - Prob. 12CRCh. 14 - Prob. 13CRCh. 14 - Prob. 14CRCh. 14 - Prob. 1ATCh. 14 - Prob. 2ATCh. 14 - Suzanne Arthurs purchased a home with a $146,100...Ch. 14 - Prob. 4ATCh. 14 - Prob. 5ATCh. 14 - Prob. 6ATCh. 14 - Prob. 7ATCh. 14 - Prob. 8ATCh. 14 - Prob. 9ATCh. 14 - Prob. 10ATCh. 14 - Prob. 11ATCh. 14 - 12. Dale Evans bought the Lazy D Ranch with an...Ch. 14 - 13. Diversified Investments purchased a 24-unit...Ch. 14 - Larry Mager purchased a ski lodge in Telluride for...Ch. 14 - 15. A Denny’s Restaurant franchisee is looking for...Ch. 14 - Prob. 16ATCh. 14 - Adam Marsh is purchasing a $134,000 condominium...Ch. 14 - Prob. 18ATCh. 14 - Prob. 19ATCh. 14 - Prob. 20ATCh. 14 - 21. Phil Armstrong earns a gross income of $5,355...Ch. 14 - 22. Magda Leon is applying for a home mortgage...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, subject and related others by exploring similar questions and additional content below.Similar questions
- A bond has the following terms: Principal amount $1,000 Annual interest paid $100 Maturity 10 years What is the yield to maturity of the previously described bond? Group of answer choices 10.00% 11.30% 12.00% 13.00%arrow_forwardUsing this table as needed, calculate the required information for the mortgage. (Round dollars to the nearest cent.) AmountFinanced InterestRate Termof Loan(years) Numberof $1,000sFinanced TableFactor(in $) MonthlyPayment(in $) TotalInterest(in $) $162,300 7.25% 15arrow_forwardAs one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI (in $), using this table and the monthly PITI (in $) for the mortgage. (Round dollars to the nearest cent.) AmountFinanced InterestRate Termof Loan(years) MonthlyPI AnnualPropertyTax AnnualInsurance MonthlyPITI $127,700 6.75% 15 $ $2,370 $1,325 $arrow_forward
- Ofen lotery 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 prosent value in dollars using the givon conditions. Complete the table for each amount, interest rate, and number of payments. Jackpot Amount $4,000,000 Interest Rate Equal Annual Payments Present Value (in dollars) 5% 20 $4,000,000 12% 20 $4,000,000 5% 25 $4,000,000 12% 25 (Round to the nearost dollar as noeded.)arrow_forwardA surface mount PCB placement/soldering line is to be installed for $2,300,000. It will have a salvage value of $100,000 after 5 years. Determine the depreciation deduction and the resulting unrecovered investment during each year of the asset's life. Click here to access the MACRS-GDS Table Calculator Part a Your answer is partially correct. Determine the depreciation deduction and the resulting unrecovered investment during each year of the asset's life using declining balance depreciation using a rate that ensures the book value equals the salvage value.arrow_forwardConsider a $200 T-bill calculated as a simple discount loan. The annual simple discount rate is 18% and the length is set to be 14 months. Find the pric of the T-bill, the interest earned, and the simple interest rate paid on the bill. Price of the T-bill = 158.24 dollars. Total interest earned when $200 T-bill is redeemed = dollars. Simple interest rate earned - percent (round to 2 decimal places).arrow_forward
- Suppose you want to purchase a $322,000 home, and you have the required $60,000 down payment in savings. Complete the table below for a mortgage option presented by a mortgage broker. Principal Interest Rate Terms (years) Payment Total of Payments over Life of Loan Total Interest Paid over Life of Loan $262,000 3.750% 20arrow_forwardCalculate the table factor, the finance charge, and the monthly payment (in $) for the loan by using the APR table, Table 13-1. (Round your answers to the nearest cent.) AmountFinanced Number ofPayments APR TableFactor FinanceCharge MonthlyPayment $800 18 17% $arrow_forwardUse PMT = . Round to the nearest dollar. Suppose that you borrow $10,000 for four years at 7% toward the purchase of a car. Find the monthly payments and the total interest for the loan. A.$281; $13,488 B.$239; $1472 C.$624; $19,952 D.$239; $11,472arrow_forward
- The credit card with the transactions described on the right uses the average daily balance method to calculate interest. The monthly interest rate is 1.5% of the average daily balance. Calculate parts a-d using the statement on the right. Transaction Description Previous balance, $6230.00 March 1 Billing date March 5 Payment March 7 Charge: Restaurant March 12 Charge: Groceries March 21 Charge: Car Repairs March 31 End of billing period Payment Due Date: April 9 Transaction Amount $350.00 credit $40.00 $70.00 $210.00 a. Find the average daily balance for the billing period. Round to the nearest cent. The Taverage daily balance for the billing period is $ (Round to the nearest cent as needed.)arrow_forwardfind the maturity value of an investment of $1200 invested at 6% simple interest for 5 yearsarrow_forwardUsing Table 19-1 and Table 19-2, calculate the annual, semiannual, quarterly, and monthly premiums (in $) for the life insurance policy. Round your answers to the nearest cent. Face Valueof Policy Sex and Ageof Insured Type of Policy AnnualPremium SemiannualPremium QuarterlyPremium MonthlyPremium $70,000 male—40 whole life $ $ $ $arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
- 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
Discrete Mathematics and Its Applications ( 8th I...
Math
ISBN:9781259676512
Author:Kenneth H Rosen
Publisher:McGraw-Hill Education
Mathematics for Elementary Teachers with Activiti...
Math
ISBN:9780134392790
Author:Beckmann, Sybilla
Publisher:PEARSON
Thinking Mathematically (7th Edition)
Math
ISBN:9780134683713
Author:Robert F. Blitzer
Publisher:PEARSON
Discrete Mathematics With Applications
Math
ISBN:9781337694193
Author:EPP, Susanna S.
Publisher:Cengage Learning,
Pathways To Math Literacy (looseleaf)
Math
ISBN:9781259985607
Author:David Sobecki Professor, Brian A. Mercer
Publisher:McGraw-Hill Education
Use of ALGEBRA in REAL LIFE; Author: Fast and Easy Maths !;https://www.youtube.com/watch?v=9_PbWFpvkDc;License: Standard YouTube License, CC-BY
Compound Interest Formula Explained, Investment, Monthly & Continuously, Word Problems, Algebra; Author: The Organic Chemistry Tutor;https://www.youtube.com/watch?v=P182Abv3fOk;License: Standard YouTube License, CC-BY
Applications of Algebra (Digit, Age, Work, Clock, Mixture and Rate Problems); Author: EngineerProf PH;https://www.youtube.com/watch?v=Y8aJ_wYCS2g;License: Standard YouTube License, CC-BY