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Course: MATH 1300, Fall 2009School: Maryville MO
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1300 Math Name: QUIZ #1 Date: ................. .................... ............................................................ ID # ............................... Section: You must show all your work to receive full credit! 1. (10 Points) On December 31, 1995, a house is purchased with the buyer taking out a 30-year $100, 000 mortgage at 9% interest compounded monthly. The mortgage are payments made at...
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1300 Math Name:
QUIZ #1
Date: ................. ....................
............................................................ ID # ............................... Section: You must show all your work to receive full credit!
1.
(10 Points)
On December 31, 1995, a house is purchased with the buyer taking out a 30-year $100, 000 mortgage at 9% interest compounded monthly. The mortgage are payments made at the end of each month. (a) Find the monthly payment on the mortgage. (b) What will be the unpaid balance of the mortgage after the 278th payment? (c) Suppose that a buyer agrees to the same loan as above, ...
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