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
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
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thank youu, this is for financial mathematics :)
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