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Unformatted text preview: money you deposit now in order to fund these annual tuition fee payments. Sol: = $18000 = $18000 ( | , 5%, 4) 2. Youve just bought a house worth $250,000 here in West Lafayette. As part of the mortgage deal, you have to make a down payment of 20% now. T he remaining amount must be paid in equal annual installments for 30 years at the rate of 6% compound interest per year. (4) Write an expression for your annual mortgage payments. Sol: = , 6%, 30 = $250,000 1 0.2 ( | , 6%, 30) A A A A P...
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This note was uploaded on 02/07/2012 for the course IE 343 taught by Professor Vincent,g during the Spring '08 term at Purdue University-West Lafayette.
- Spring '08