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6 Nov 2019
a) The Sarkozy family buys a house for $300,000 with a down payment of $40,000. They take out a 30-year mortgage loan for $260,000 at an annual rate of interest of 4.8% compounded monthly. i) What is the monthly payment? ii) What is the total interest paid by the Sanchez family to the lender? iii) What is the amount of interest in the first payment? iv) What is the outstanding balance after 15 years? b) Sonia wants to buy a sports car selling for $90,000. The dealer offers her to sell the car if she agrees to pay $2200 at the end of every month for five years. What is the rate of interest compounded monthly being charged by the dealer? c) Jane borrows s 10,000 at the rate of interest of 5% compounded annually. She can pay $ 1200 at the end of every year for as long as necessary. What is the number of payments. (Don't worry if your answer is a fractional number.) Show transcribed image text
a) The Sarkozy family buys a house for $300,000 with a down payment of $40,000. They take out a 30-year mortgage loan for $260,000 at an annual rate of interest of 4.8% compounded monthly. i) What is the monthly payment? ii) What is the total interest paid by the Sanchez family to the lender? iii) What is the amount of interest in the first payment? iv) What is the outstanding balance after 15 years? b) Sonia wants to buy a sports car selling for $90,000. The dealer offers her to sell the car if she agrees to pay $2200 at the end of every month for five years. What is the rate of interest compounded monthly being charged by the dealer? c) Jane borrows s 10,000 at the rate of interest of 5% compounded annually. She can pay $ 1200 at the end of every year for as long as necessary. What is the number of payments. (Don't worry if your answer is a fractional number.)
Show transcribed image text Lelia LubowitzLv2
6 Nov 2019