pro 3 - PV=$25000 PMT=$-337.20 FV=0 D.) It would have taken...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Chris Heaton 7/12/2009 Finite Math Project Three Mail Solicitation Home Equity Loan A.) At the end of ten years $ 25000.35 will still be owed on the loan. N=120 I=10.49 PV=$25000 PMT=$-218.54 FV=$25000.35 B.) In ten years $26224.80 will have been paid towards the home equity loan. 218.54 X 12 X 10 = 26224.80 C.) To pay off the loan in 10 years, the payment would need to be $337.20 per month. N=120 I=10.49
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: PV=$25000 PMT=$-337.20 FV=0 D.) It would have taken 89.75 months to pay back the bank at 15% N=89.75 I=15% PV=$25000 PMT=$-218.54 FV=$0 It would have taken 53.93 months to pay back the auto loan at 15% N=53.93 I=15% PV=$25000 PMT=$-218.54 FV=$25000.35 It would have taken 40.78 months to pay back the department store at 15% N=40.78 I=15% PV=$25000 PMT=$-218.54 FV=$25000.35...
View Full Document

Page1 / 2

pro 3 - PV=$25000 PMT=$-337.20 FV=0 D.) It would have taken...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online