Absolute C++,NO CODE INCLUDED (6th Edition)
6th Edition
ISBN: 9780134227078
Author: SAVITCH, Walter; Mock, KENRICK
Publisher: PEARSON
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Chapter 2, Problem 2PP
You have just purchased a stereo system that cost $1,000 on the following credit plan: no down payment, an interest rate of per year (1.5% per month), and monthly payments of $50.
The monthly payment of $50 is used to pay the interest, and whatever is left is used to pay part of the remaining debt. Hence, the first month you pay 1.5% of $1,000 in interest. That is $15 in interest. The remaining $35 is deducted from your debt, which leaves you with a debt of $965.00. The next month you pay interest of 1.5% of $965.00, which is $14.48. Hence, you can deduct $35.52 (which is $50 - $14.48) from the amount you owe.
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When you use a mortgage to purchase a home, the lending institution effectively owns the home. You buy back part ownership in the home with each monthly payment. The part you have bought back is your equity in the home. If the mortgage amount is P dollars, the monthly interest rate is r as a decimal, and the term of the mortgage is t months, then your equity after k payments is
E(k) =
P((1 + r)k − 1)
(1 + r)t − 1
dollars.
In this exercise, assume that the mortgage amount is $200,000, the APR is 6%
so r = .06/12
and the term of the loan is 30 years (360 months).
(a)
Find a formula for the equity.
(b)
Make a graph of the equity over 360 months, the term of the loan.
(c)
Does the graph show that you have half-ownership in the home halfway through the term of the mortgage?
Halfway through the term of the mortgage corresponds to k1 = _______ payments. From the graph, we see that E(k1) is ________ half of the mortgage amount, so we _______ have half-ownership in the home…
You are working for a lumber company, and your employer would like a program that calculates the cost of lumber for an order. The company sells pine, fir, cedar, maple, and oak lumber. Lumber is priced by board feet. One board foot equals one square foot that is one inch thick. Theprice per board foot is given in the following table:
Pine 0.89Fir 1.09Cedar 2.26 Maple 4.50Oak 3.10
The lumber is sold in different dimensions (specified in inches of width and height, and feet of length) that need to be converted to board feet. For example, a 2 x 4 x 8 piece is 2 inches wide, 4 inches high, and 8 feet long, and is equivalent to 5.333 board feet (2 * 4 * 8 = 64, which when divided by 12 = 5.333 board feet). An entry from the user will be in the form of a letter and four integer numbers. The integers are the number of pieces, width, height, and length. The letter will be one of P, F, C, M, O (corresponding to the five kinds of wood) or T, meaning total. When the letter is T, there are no…
You are working for a lumber company, and your employer would like a program that calculates the cost of lumber for an order. The company sells pine, fir, cedar, maple, and oak lumber. Lumber is priced by board feet. One board foot equals one square foot that is one inch thick. Theprice per board foot is given in the following table:
Pine 0.89Fir 1.09Cedar 2.26Maple 4.50Oak 3.10
The lumber is sold in different dimensions (specified in inches of width and height, and feet of length) that need to be converted to board feet. For example, a 2 x 4 x 8 piece is 2 inches wide, 4 inches high, and 8 feet long, and is equivalent to 5.333 board feet (2 * 4 * 8 = 64, which when divided by 12 = 5.333 board feet). An entry from the user will be in the form of a letter and four integer numbers. The integers are the number of pieces, width, height, and length. The letter will be one of P, F, C, M, O (corresponding to the five kinds of wood) or T, meaning total. When the letter is T, there are no…
Chapter 2 Solutions
Absolute C++,NO CODE INCLUDED (6th Edition)
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