22. Mr. and Mrs. Ramirez have 4 children and have decided that they need a bigger house. They intend to upgrade their current residence and will spend $289, 000. If their loan has an annual interest rate of 6% for 25 years, what will their payment and the total cost of their loan be? TERMS TERMS 6% 6% 8% 8% IN YEARS 6% 7% 8% 9% IN YEARS 10 11.10 11.23 11.35 11.48 11.62 11.75 11.88 12.01 12,14 12.27 12,40 12.67 10 15 8.44 8.57 8.71 8.85 8.99 9.13 9.28 9.42 9.56 9.71 9.85 10.15 15 20 7.16 7,31 7,46 7.60 7.76 7.91 8.06 8.21 8.37 8.53 8.68 9.00 20
22. Mr. and Mrs. Ramirez have 4 children and have decided that they need a bigger house. They intend to upgrade their current residence and will spend $289, 000. If their loan has an annual interest rate of 6% for 25 years, what will their payment and the total cost of their loan be? TERMS TERMS 6% 6% 8% 8% IN YEARS 6% 7% 8% 9% IN YEARS 10 11.10 11.23 11.35 11.48 11.62 11.75 11.88 12.01 12,14 12.27 12,40 12.67 10 15 8.44 8.57 8.71 8.85 8.99 9.13 9.28 9.42 9.56 9.71 9.85 10.15 15 20 7.16 7,31 7,46 7.60 7.76 7.91 8.06 8.21 8.37 8.53 8.68 9.00 20
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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Question
plz solve it within 30-40 mins I'll upvote your answer
![22. Mr. and Mrs. Ramirez have 4 children and have decided that they need a bigger house. They intend to upgrade their current residence and will spend
$289, 000. If their loan has an annual interest rate of 6% for 25 years, what will their payment and the total cost of their loan be?
TERMS
IN YEARS
7%
TERMS
IN YEARS
6%
7%
8%
9%
10
11,10
11,23
11.35
11.48
11.62
11,75
11.88
12.01
12,14
12.27
12.40
12.67
10
15
8.44
8.57
8.71
8.85
8.99
9.13
9.28
9.42
9.56
9.71
9.85
10.15
15
20
7.16
7.31
7.46
7.60
7.76
7.91
8.06
8.21
8.37
8.53
8.68
9.00
20
25
6.44
6.60
6.75
6.91
7.07
7.23
7.39
7.56
7.72
7.89
8.06
8.40
25
30
6.00
6.16
6.32
6.49
6.65
6.83
7.000
7.17
7.34
7.52
7.69
8.05
30
$1,907.40; $572, 220
O $1, 734.22; $520, 200
$1, 861.16; $46, 528
$1, 861.16; $558, 348](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F951223c6-d7a6-4cf6-a1a1-cefcf5762d9c%2F9bf739fb-5d74-475a-a561-82612bee6eea%2Fmx594hn_processed.png&w=3840&q=75)
Transcribed Image Text:22. Mr. and Mrs. Ramirez have 4 children and have decided that they need a bigger house. They intend to upgrade their current residence and will spend
$289, 000. If their loan has an annual interest rate of 6% for 25 years, what will their payment and the total cost of their loan be?
TERMS
IN YEARS
7%
TERMS
IN YEARS
6%
7%
8%
9%
10
11,10
11,23
11.35
11.48
11.62
11,75
11.88
12.01
12,14
12.27
12.40
12.67
10
15
8.44
8.57
8.71
8.85
8.99
9.13
9.28
9.42
9.56
9.71
9.85
10.15
15
20
7.16
7.31
7.46
7.60
7.76
7.91
8.06
8.21
8.37
8.53
8.68
9.00
20
25
6.44
6.60
6.75
6.91
7.07
7.23
7.39
7.56
7.72
7.89
8.06
8.40
25
30
6.00
6.16
6.32
6.49
6.65
6.83
7.000
7.17
7.34
7.52
7.69
8.05
30
$1,907.40; $572, 220
O $1, 734.22; $520, 200
$1, 861.16; $46, 528
$1, 861.16; $558, 348
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