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Author Question: Use PMT = . Round to the nearest dollar. Suppose that you borrow $15,000 for a new car. You can ... (Read 152 times)

jhjkgdfhk

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on: Feb 2, 2020

Question 1

Use  PMT = .  Round to the nearest dollar.

Suppose that you borrow $10,000 for four years at 8% toward the purchase of a car. Find the monthly payments and the total interest for the loan.
◦ $244; $1712
◦ $286; $13,728
◦ $698; $23,504
◦ $244; $11,712

Question 2

Use  PMT = .  Round to the nearest dollar.

Suppose that you borrow $15,000 for a new car. You can select one of the following loans, each requiring regular monthly payments:
Installment Loan A: three-year loan at 5.9%
Installment Loan B: five-year loan at 6.9%.
Find the monthly payments and the total interest for both Loan A and Loan B. Compare the monthly payments and the total interest for the two loans.
◦ Loan A: $456, $1416; Loan B: $296, $2760; The monthly payment is lower with the longer-term loan but the total interest is less with the shorter-term loan.
◦ Loan A: $296, $2760; Loan B: $456, $1416; The monthly payment is lower with the shorter-term loan but the total interest is less with the longer-term loan.
◦ Loan A: $897, $17,292; Loan B: $894, $38,640; The monthly payment is lower with the longer-term loan but the total interest is less with the shorter-term loan.
◦ Loan A: $894, $38,640; Loan B: $897, $17,292; The monthly payment is lower with the shorter-term loan but the total interest is less with the longer-term loan.
Thinking Mathematically ¦ Blitzer ¦ 6th Edition
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Marked as best answer by jhjkgdfhk on Feb 2, 2020

ankilker

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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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jhjkgdfhk

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Reply 2 on: Feb 2, 2020
YES! Correct, THANKS for helping me on my review

isabelt_18

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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