MAT 142 5.5 Amortization

MAT 142 5.5 Amortization


Asked by 6 years ago
398.7k points

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
maddy

2 Answers

Answered by 6 years ago
393k points

Oh Snap! This Answer is Locked

 MAT 142 5.5 Amortization

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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

Downloads: 31

Print Length: 2 Pages/Slides

Words: 344

J
Answered by 2 years ago
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Oh Snap! This Answer is Locked

 MAT 142 5.5 Amortization

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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

Downloads: 1

Print Length: 5 Pages/Slides

Words: NA

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Asked: 6 years ago

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