Homework Clinic
Social Science Clinic => Business => Topic started by: ishan on Jun 24, 2018
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Driver Martin is given a 10 discount on auto insurance as a low-risk driver. The regular premium would be 1,800 for a year. If Martin qualifies for the discount every year for 5 years, compute the amount Martin will save on insurance premiums.
Question 2
Judy Baker borrowed 5,00 . and agreed to amortize the loan over 7 months by making monthly payments with interest of 9 compounded monthly on the unpaid balance each month. Compute the size of Judy's monthly payments. Use Tables 23-2A and 23-2B or a calculator.
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Answer to Question 1
900
Answer to Question 2
5,00 . 6.79464 = 735.87 monthly payments