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Author Question: Driver Blake, a low-risk driver, is insured by a company that gives a 5 discount for the first year, ... (Read 220 times)

Mr. Wonderful

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on: Jun 24, 2018
Driver Blake, a low-risk driver, is insured by a company that gives a 5 discount for the first year, 10 the second year, 15 the third year, and 20 every year thereafter. Blake has qualified as a low-risk driver for the last 10 years. Compute the amount Blake saved in premiums if the regular premium is 2,000.

Question 2

Lester Newlander needed to borrow 20,00 . for his business. Lester's father agreed to loan him the money and amortize it over 21 months with monthly payments and interest on the unpaid balance of 6 compounded monthly. Compute the size of Lester's payments. Use Tables 23-2A and 23-2B or a calculator.


TheDev123

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Reply #1 on: Jun 24, 2018
Answer to Question 1

3,400

Answer to Question 2

20,00 .  19.88798 = 1,005.63 monthly payments


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