When Laura bought her house, she got her mortgage through a bank. The mortgage was a personal, amortized loan for $99,500, at an interest rate of 3.75%, with monthly payments for a term of 40 years For each part, do not round any intermediate computations and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Find Laura's monthly payment. $ (b) If Laura pays the monthly payment each month for the full term, find her total amount to repay the loan. (c) If Laura pays the monthly payment each month for the full term, find the total amount of interest she will pay. $ X Monthly Payment Formula M= P r 12 - 12t 1- (1 + -1/2)
When Laura bought her house, she got her mortgage through a bank. The mortgage was a personal, amortized loan for $99,500, at an interest rate of 3.75%, with monthly payments for a term of 40 years For each part, do not round any intermediate computations and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Find Laura's monthly payment. $ (b) If Laura pays the monthly payment each month for the full term, find her total amount to repay the loan. (c) If Laura pays the monthly payment each month for the full term, find the total amount of interest she will pay. $ X Monthly Payment Formula M= P r 12 - 12t 1- (1 + -1/2)
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:O CONSUMER MATHEMATICS
Finding the monthly payment, total payment, and interest for a...
When Laura bought her house, she got her mortgage through a bank.
The mortgage was a personal, amortized loan for $99,500, at an interest rate of 3.75%, with monthly payments for a term of 40 years.
For each part, do not round any intermediate computations and round your final answers to the nearest cent.
If necessary, refer to the list of financial formulas.
(a) Find Laura's monthly payment.
(b) If Laura pays the monthly payment each month for the full term,
find her total amount to repay the loan.
$0
(c) If Laura pays the monthly payment each month for the full term,
find the total amount of interest she will pay.
$0
X
Monthly Payment Formula
M=
P
r
12
r
1- ( 1 + 12 )
- 12t
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