hw10-3 - $150,000 - $38,175.99 = $111,824.01 (selling price...

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Math 1160 – Section 10.3 Answer Key 2. $1,053.22 (outflow of cash) N = 300 I% = 1 PV = 100000 PMT = ? FV = 0 4. $3,644.68 (The total you paid for the car is the sum of the amount borrowed from the bank plus the $500 cash down payment.) N = 36 I% = .75 PV = ? 3144.68 PMT = -100 FV = 0 8a . $671.36 (outflow of cash) N = 300 I% = .75 PV = 80000 PMT = ? FV = 0 8b. $211,408 ($671.36 x 300 payments) + ($10,000 down payment) 8c. $121,408 Σ Int(1,300) 8d. $14,695.43 bal(276) 8e. $7,676.91 bal(288) 8f. $1,037.76 Σ Int(277,288) 16. *Calculate the loan statistics first. N = 300 I% = .5 PV = 50000 PMT = ? & -322.15 FV = 0 *Next calculate the balance on the loan at the time you sell the house. Bal(120) = $38,175.99 (This is what you still owe the bank.)
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*To calculate the money you have left, subtract the balance of your loan (what you owe the bank) from the amount of money you received for the house.
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Unformatted text preview: $150,000 - $38,175.99 = $111,824.01 (selling price balance on mortgage) 20a. Monthly Payment: $10,532.24 N = 300 I% = 1 PV = 1000000 PMT = ? &-10532.24 FV = 0 20b. New Monthly Payment: $13,723.46 Find the balance of the first loan & bal(60) = $956,532.02 This is the amount borrowed (PV) for the 10-year loan N = 120 I% = 1 PV = 956532.02 PMT = ? &-13723.46 FV = 0 20c. bal(60) = $616,938.47 30a. Monthly Payment: $26,000 / 60 months = $433.33 30b. Monthly Payment: $456.68 for 60 months N = 60 I% = .75 PV = 22000 PMT = ? &-456.68 FV = 0. 30c. Option A is better . 32. Balance after 1 year & $17,204.08 Balance after 3 years & $11,011.40 Balance after 5 years & $3,921.39 N = Enter the year number here I% = 7 PV = 20000 PMT = -4195.92 FV = Recalculate the loan balance(what you still owe the bank) In how many years will the loan be paid off? & 6 years (make FV = 0, solve for N)...
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This note was uploaded on 05/21/2008 for the course MATH 116 taught by Professor Copeland during the Spring '08 term at Western Michigan.

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hw10-3 - $150,000 - $38,175.99 = $111,824.01 (selling price...

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