MAT 142 5.5 Amortization

# MAT 142 5.5 Amortization

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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?

MAT 142

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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

Filename: M1096.pdf

Filesize: 369.5K

Print Length: 2 Pages/Slides

Words: 344

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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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