Asked by maddy 6 years ago

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

Answered by bhdrkn 6 years ago

**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

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**Excerpt from file: **FinancialStatementsPaper1 RUNNINGHEAD:FINANCIALSTATEMENTSPAPER FinancialStatementsPaper ACC290 FinancialStatementsPaper Inthispaperthefourbasicfinancialstatementswillbedefined.Eachofthefourfinancial FinancialStatementsPaper2

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ACC 290 Week 1 Individual Assignment Financial Statements Paper.doc

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Surround your text in `*italics*`

or `**bold**`

, to write a math equation use, for example, `$x^2+2x+1=0$`

or `$$\beta^2-1=0$$`

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Asked: 6 years ago