Chapter 3 section 6

Chapter 3 section 6 - Chapter 3 Section 6 34(S12HW Yue...

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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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Chapter 3 section 6 - Chapter 3 Section 6 34(S12HW Yue...

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