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CHAPTER 6 B-113 60. Enter 1 \$21,250 \$25,000 N I/Y PV PMT FV Solve for 17.65% 61. Enter 8% 12 NOM EFF C/Y Solve for 7.72% Enter 12 7.72% / 12 \$47,000 / 12 N I/Y PV PMT FV Solve for \$48,699.39 Enter 1 8% \$48,699.39 N I/Y PV PMT FV Solve for \$52,595.34 Enter 12 7.72% / 12 \$50,000 / 12 N I/Y PV PMT FV Solve for \$51,807.86 Enter 60 7.72% / 12 \$55,000 / 12 N I/Y PV PMT FV Solve for \$227,539.14 Award = \$52,595.34 + 51,807.86 + 227,539.14 + 100,000 + 20,000 = \$451,942.34 62. Enter 1 \$9,700 \$10,800 N I/Y PV PMT FV Solve for 11.34% 63. Enter 1 \$9,800 \$11,200 N I/Y PV PMT FV Solve for 14.29% 64. Refundable fee: With the \$2,300 application fee, you will need to borrow \$242,300 to have \$240,000 after deducting the fee. Solve for the payment under these circumstances. Enter 30 12 6.80% / 12 \$242,300 N I/Y PV PMT FV Solve for \$1,579.61

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B-114 SOLUTIONS Enter 30 12 \$240,000 \$1,579.61 N I/Y PV PMT FV Solve for 0.5745% APR = 0.5745% 12 = 6.89% Enter 6.89% 12 NOM EFF C/Y Solve for
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