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Chapter 3, Section 6
34.
(S12HW) Yue bought a house with a 200,000 mortgage for 15 years
being repaid with payments at the end of each month at an interest rate
of 6% compounded monthly. What is the outstanding balance at the end
of 10 years immediately after the 120th payment?
35.
(S12HW) If Yue pays an extra 100 each month, what is the outstanding
balance at the end of 10 years immediately after the 120th payment?
36.
(S12HW) Nancy borrowed money to buy a new car. The loan has an
interest rate of 7.8% compounded monthly. Nancy’s monthly payment
is 246 and she has 11 payments left with the next payment due in one
month. Calculate the outstanding balance on her loan.
37.
(S12HW) Phil borrows 100,000 at an annual effective interest rate of
7%. Phil is repaying the loan with annual payments of 10,000.
Calculate how much Phil still owes immediately after his 10th
payment.
38.
(S08T1) Thomas bought a house 5 years ago. In order to buy the house,
he borrowed 50,000 to be repaid with 360 monthly payments of 424.08.
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 Spring '08
 Staff
 Math

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