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Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
Edition 7ISBN: 978-1285448596Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
Edition 7ISBN: 978-1285448596 Exercise 16
Amortization payment
Betty Price purchased a new home for $225,000 with a 20% down payment and the remainder amortized over a 15-year period at 9% interest.
a. What amount did Betty finance?
b. What equal monthly payments are required to amortize this loan over 15 years?
c. What equal monthly payments are required if Betty decides to take a 20-year loan rather than a 15-year loan?
Betty Price purchased a new home for $225,000 with a 20% down payment and the remainder amortized over a 15-year period at 9% interest.
a. What amount did Betty finance?
b. What equal monthly payments are required to amortize this loan over 15 years?
c. What equal monthly payments are required if Betty decides to take a 20-year loan rather than a 15-year loan?
Explanation
Verified
Verified
(a) Betty finance
of
Therefore Be...
Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
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