Can you finish and put the formulas below each group?
7. Car Loans (Hint: P/Y=12). How much is a car loan with a payment of |
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a. $453 per month for 3 years at 6% interest per year? | 1470.13 |
b. $466 per month for 5 years at 15% interest per year? | |
c. $301 per month for 6 years at 7% interest per year? | |
8. Mortgages (Hint: P/Y=12). | |
What was the initial mortgage on the house? | |
a. $4,369.66 per month for 30 years at 8 percent interest? | |
b. $1,626.83 per month for 15 years at 4 percent interest? | |
c. $3,724.21 per month for 30 years at 18 percent interest? | |
9. Mortgages (Hint: P/Y=12). What is the payoff on a 30 year, 6% mortgage of | |
a. $255,413 with a payment of 1,321.33 with 8 years remaining? | |
b. $530,493 with a payment of 3,180.57 with 12 years remaining? | |
c. $297,266 with a payment of 1,782.26 with 11 years remaining? |