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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 10year 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.
 Spring '08
 copeland
 Math

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