The following table shows annual rates for various types of loans in 2015. Assume monthly payments and compounding periods. Loan Type 30-Year Mortgage 15-Year Mortgage 5-Year Car Loan 4-Year Car Loan Credit Cards October Rate (%) 3.93 3.14 4.30 4.24 13.10 November Rate (%) 4.09 3.31 4.31 4.26 13.10 December Rate (%) 4.09 3.34 4.34 4.29 13.10 Eight years into your 15-year $400,000 mortgage begun in October 2015, you inherit your rich uncle's estate and decide to pay off the outstanding principal on your mortgage. What is that amount?
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
| Loan Type |
30-Year Mortgage |
15-Year Mortgage |
5-Year Car Loan |
4-Year Car Loan |
Credit Cards |
|---|---|---|---|---|---|
| October Rate (%) |
3.93 | 3.14 | 4.30 | 4.24 | 13.10 |
| November Rate (%) |
4.09 | 3.31 | 4.31 | 4.26 | 13.10 |
| December Rate (%) |
4.09 | 3.34 | 4.34 | 4.29 | 13.10 |
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