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

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