Type of Total Number of Monthly Loan Price Months Monthly Interest Payment Paid Auto 10,000 48 1.25% Condo 200,000 180 0.42% Boat 95,000 60 1% Total Amount Comments # months: 4 years x 12 months; APR is 15% so monthly interest: 15%/12 #months: 15 years x 12 months; APR is 5% so monthly interest: 5%/12 #months: 5 years x 12 months; APR is 12% so monthly interest: 12%/12

Type of Total Number of Monthly Loan Price Months Monthly Interest Payment Paid Auto 10,000 48 1.25% Condo 200,000 180 0.42% Boat 95,000 60 1% Total Amount Comments # months: 4 years x 12 months; APR is 15% so monthly interest: 15%/12 #months: 15 years x 12 months; APR is 5% so monthly interest: 5%/12 #months: 5 years x 12 months; APR is 12% so monthly interest: 12%/12

College Algebra

7th Edition

ISBN:9781305115545

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

Chapter8: Sequences And Series

Section8.4: Mathematics Of Finance

Problem 2E

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