12. [-/2.77 Points] DETAILS MY NOTES WANEFMAC8 3.3.073. The following table shows annual rates for various types of loans in 2021. Assume monthly payments and compounding periods. HINT [See Examples 5 and 7.] Loan 30-Year 15-Year Type Mortgage Mortgage Rate 3.03% New Car Loan Used Car Loan Credit Cards 2.30% 9.20% 9.45% 13.99% ASK YOUR TEACHER You purchased a new car using a 5-year $55,000 loan in 2021. With the same monthly payments, how much could you have financed had the interest rate been 9.00%? (Do not round the payment amount to the nearest cent. Round the final amount you could have financed to the nearest cent.) $ With the same monthly payments, how much could you have financed had the interest rate been 9.50% ? (Do not round the payment amount to the nearest cent. Round the final amount you could have financed to the nearest cent.)
12. [-/2.77 Points] DETAILS MY NOTES WANEFMAC8 3.3.073. The following table shows annual rates for various types of loans in 2021. Assume monthly payments and compounding periods. HINT [See Examples 5 and 7.] Loan 30-Year 15-Year Type Mortgage Mortgage Rate 3.03% New Car Loan Used Car Loan Credit Cards 2.30% 9.20% 9.45% 13.99% ASK YOUR TEACHER You purchased a new car using a 5-year $55,000 loan in 2021. With the same monthly payments, how much could you have financed had the interest rate been 9.00%? (Do not round the payment amount to the nearest cent. Round the final amount you could have financed to the nearest cent.) $ With the same monthly payments, how much could you have financed had the interest rate been 9.50% ? (Do not round the payment amount to the nearest cent. Round the final amount you could have financed to the nearest cent.)
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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![12. [-/2.77 Points]
DETAILS
MY NOTES
WANEFMAC8 3.3.073.
The following table shows annual rates for various types of loans in 2021. Assume monthly payments and compounding periods. HINT [See Examples 5 and 7.]
Loan 30-Year 15-Year
Type Mortgage Mortgage
Rate
3.03%
New Car
Loan
Used Car
Loan
Credit
Cards
2.30%
9.20%
9.45%
13.99%
ASK YOUR TEACHER
You purchased a new car using a 5-year $55,000 loan in 2021. With the same monthly payments, how much could you have financed had the interest rate been 9.00%? (Do not round the payment amount to the nearest
cent. Round the final amount you could have financed to the nearest cent.)
$
With the same monthly payments, how much could you have financed had the interest rate been 9.50% ? (Do not round the payment amount to the nearest cent. Round the final amount you could have financed to the
nearest cent.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fda850157-649f-4cf9-a3a2-1b6ab0b31d6c%2Fd2a85260-5d1f-4a35-899a-5cb5e3e441f1%2Frqjz22t_processed.jpeg&w=3840&q=75)
Transcribed Image Text:12. [-/2.77 Points]
DETAILS
MY NOTES
WANEFMAC8 3.3.073.
The following table shows annual rates for various types of loans in 2021. Assume monthly payments and compounding periods. HINT [See Examples 5 and 7.]
Loan 30-Year 15-Year
Type Mortgage Mortgage
Rate
3.03%
New Car
Loan
Used Car
Loan
Credit
Cards
2.30%
9.20%
9.45%
13.99%
ASK YOUR TEACHER
You purchased a new car using a 5-year $55,000 loan in 2021. With the same monthly payments, how much could you have financed had the interest rate been 9.00%? (Do not round the payment amount to the nearest
cent. Round the final amount you could have financed to the nearest cent.)
$
With the same monthly payments, how much could you have financed had the interest rate been 9.50% ? (Do not round the payment amount to the nearest cent. Round the final amount you could have financed to the
nearest cent.)
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