2. The Hill family took out a loan to have a swimming pool built in their backyard. The fifteen year, 8.7% loan was for $23,846. The monthly payment was $175, but the promissory note stated that there was a balloon payment at the end. a. How many monthly payments do the Hill's have to make? b. What is the sum of all but the last monthly payment? c. If the finance charge is $18,925.60, what must the total of all the monthly payments be? d. What is the amount of the balloon payment for the final month of this loan? oor

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
icon
Related questions
Question
thank youu, this is for financial mathematics :)
2. The Hill family took out a loan to have a swimming pool built in their backyard. The fifteen
year, 8.7% loan was for $23,846. The monthly payment was $175, but the promissory note
stated that there was a balloon payment at the end.
a. How many monthly payments do the Hill's have to make?
S4
b. What is the sum of all but the last monthly payment?
c. If the finance charge is $18,925.60, what must the total of all the monthly payments
be?
d. What is the amount of the balloon payment for the final month of this loan?
74
Transcribed Image Text:2. The Hill family took out a loan to have a swimming pool built in their backyard. The fifteen year, 8.7% loan was for $23,846. The monthly payment was $175, but the promissory note stated that there was a balloon payment at the end. a. How many monthly payments do the Hill's have to make? S4 b. What is the sum of all but the last monthly payment? c. If the finance charge is $18,925.60, what must the total of all the monthly payments be? d. What is the amount of the balloon payment for the final month of this loan? 74
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps with 4 images

Blurred answer
Similar questions
Recommended textbooks for you
Advanced Engineering Mathematics
Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated
Numerical Methods for Engineers
Numerical Methods for Engineers
Advanced Math
ISBN:
9780073397924
Author:
Steven C. Chapra Dr., Raymond P. Canale
Publisher:
McGraw-Hill Education
Introductory Mathematics for Engineering Applicat…
Introductory Mathematics for Engineering Applicat…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY
Mathematics For Machine Technology
Mathematics For Machine Technology
Advanced Math
ISBN:
9781337798310
Author:
Peterson, John.
Publisher:
Cengage Learning,
Basic Technical Mathematics
Basic Technical Mathematics
Advanced Math
ISBN:
9780134437705
Author:
Washington
Publisher:
PEARSON
Topology
Topology
Advanced Math
ISBN:
9780134689517
Author:
Munkres, James R.
Publisher:
Pearson,