1. Miss Crystal Palace just purchased you guessed it a crystal palace for \$650,000. She makes a 25% down payment and finances the balance with a mortgage at an interest rate of 5.6% for 15 years, making monthly payments.
a. What amount will she borrow?
b. Complete the amortization table for the first three payments. (Show all work!)
2. Hector wants to buy a new Dodge Charger. He is able to negotiate a price of \$21,500 for the color and options he wanted. He can secure a 48 month car loan at 6.8% if he can make a down payment of 20% of the price.
a. How much are his car payments?
b. At the end of 20 months, Hector gets a bonus from work, and he decides to pay off his car loan. How much does he owe after 20 months?
Excerpt from file: Math Tutorial MAT 142 Problem set Unit: Finance Topic: Amortization Directions: Solve the following problems. Please show your work, show the correct formula and explain your reasoning. 1. Miss Crystal Palace just purchased you guessed it a crystal palace for 650,000. She makes a 25% down payment
Print Length: 2 Pages/Slides
Excerpt from file: FinancialStatementsPaper1 RUNNINGHEAD:FINANCIALSTATEMENTSPAPER FinancialStatementsPaper ACC290 FinancialStatementsPaper Inthispaperthefourbasicfinancialstatementswillbedefined.Eachofthefourfinancial FinancialStatementsPaper2
Filename: ACC 290 Week 1 Individual Assignment Financial Statements Paper.doc
Filesize: < 2 MB
Print Length: 5 Pages/Slides
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