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Author Question: Use PMT = to determine the regular payment amount, rounded to the nearest dollar. The price of a ... (Read 212 times)

pepyto

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on: Feb 2, 2020

Question 1

The table shows the expense of operating and owning four selected cars, by average costs per mile. Use the appropriate information in the table to solve the problem.

Average Annual Costs of Owning and Operating a Car for Selected Cars

Average Costs Per Mile


If you drive 10,000 miles per year, by how much does the total annual expense for Car A exceed that of Car C over five years?
◦ $15,900
◦ $20,500
◦ $4100
◦ $79,500

Question 2

Use  PMT =  to determine the regular payment amount, rounded to the nearest dollar.

The price of a home is $250,000. The bank requires a 15% down payment and two points at the time of closing. The cost of the home is financed with a 20-year fixed-rate mortgage at 6.5%.
a. Find the required down payment.
b. Find the amount of the mortgage.
c. How much must be paid for the two points at closing?
d. Find the total cost of interest over 20 years, to the nearest dollar.
◦ a. down payment: $37,500
b. amount of mortgage: $212,500
c. points paid at closing: $5000
d. total cost of interest over 20 years: $167,742
◦ a. down payment: $37,500
b. amount of mortgage: $212,500
c. points paid at closing: $4250
d. total cost of interest over 20 years: $167,742
◦ a. down payment: $37,500
b. amount of mortgage: $212,500
c. points paid at closing: $4250
d. total cost of interest over 20 years: $380,242
◦ a. down payment: $37,500
b. amount of mortgage: $212,500
c. points paid at closing: $5000
d. total cost of interest over 20 years: $130,242
Thinking Mathematically ¦ Blitzer ¦ 6th Edition
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Marked as best answer by pepyto on Feb 2, 2020

Mholman93

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Reply #1 on: Feb 2, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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pepyto

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Reply 2 on: Feb 2, 2020
:D TYSM

diana chang

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Reply 3 on: Yesterday
Excellent

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