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Jared was asked to find the monthly payment for a 20 year fixed rate at 8% for $162,000. However, he made an error. Answer the following and show all work for full credit. . What was his mistake? • What should the monthly payment be? Jared's work: 162,000 1,000 = 162 Monthly charge from the chart is 6.60 162 x 6.60 1,069.2 = Monthly Payment = $1,069.20

Jared was asked to find the monthly payment for a 20 year fixed rate at 8% for $162,000. However, he made an error. Answer the following and show all work for full credit. . What was his mistake? • What should the monthly payment be? Jared's work: 162,000 1,000 = 162 Monthly charge from the chart is 6.60 162 x 6.60 1,069.2 = Monthly Payment = $1,069.20

Advanced Engineering Mathematics
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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Monthly Payment per $1,000 Loan Annual Rate of Interest Years 5% 5.5% 6% 6.5 % 7% 7.5% 8% 8.5 % 9% 10 10.61 10.85 11.10 11.35 11.61 11.87 12.13 12.40 12.67 15 7.91 8.17 8.44 8.71 8.99 9.27 9.56 9.85 10.14 20 6.60 6.88 7.16 7.46 7.75 8.06 8.36 8.68 9.00 25 5.85 6.14 6.44 6.75 7.07 7.39 7.72 8.05 8.39 30 5.37 5.68 6.00 6.32 6.65 6.99 7.34 7.69 8.05
Transcribed Image Text:Monthly Payment per $1,000 Loan Annual Rate of Interest Years 5% 5.5% 6% 6.5 % 7% 7.5% 8% 8.5 % 9% 10 10.61 10.85 11.10 11.35 11.61 11.87 12.13 12.40 12.67 15 7.91 8.17 8.44 8.71 8.99 9.27 9.56 9.85 10.14 20 6.60 6.88 7.16 7.46 7.75 8.06 8.36 8.68 9.00 25 5.85 6.14 6.44 6.75 7.07 7.39 7.72 8.05 8.39 30 5.37 5.68 6.00 6.32 6.65 6.99 7.34 7.69 8.05
Jared was asked to find the monthly payment for a 20 year fixed rate at 8% for $162,000. However, he made an error. Answer the following and show all work for full credit. • What was his mistake? D • What should the monthly payment be? Jared's work: 162,000 ÷ 1,000 = 162 Monthly charge from the chart is 6.60 162 × 6.60 = 1,069.2 Monthly Payment = $1,069.20
Transcribed Image Text:Jared was asked to find the monthly payment for a 20 year fixed rate at 8% for $162,000. However, he made an error. Answer the following and show all work for full credit. • What was his mistake? D • What should the monthly payment be? Jared's work: 162,000 ÷ 1,000 = 162 Monthly charge from the chart is 6.60 162 × 6.60 = 1,069.2 Monthly Payment = $1,069.20
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