EBK BUSINESS MATH
11th Edition
ISBN: 8220103632072
Author: NOBLE
Publisher: Pearson Education (US)
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Question
Chapter 16, Problem 1ES
To determine
To calculate: The monthly payment for a mortgage amount of
Expert Solution & Answer
Answer to Problem 1ES
Solution:
The monthly payment for a mortgage amount of
Explanation of Solution
Given Information:
A mortgage amount of
Formula used:
To find the monthly payment for the given mortgage amount using an Excel Function, follow the steps given below:
1. Open MS Excel, go to Formulas, then Financial and then choose PMT.
2. Enter the values of annual interest rate in ‘Rate’, number of payments in ‘Nper’, mortgage amount in ‘PV’. Enter 0 for FV and Type or leave them blank.
3. Finally, press Ok to get the required value.
Calculation:
It is required to find the monthly payment for a mortgage amount of
Follow the following steps:
Step1: Open MS Excel, go to Formulas, then Financial and then choose PMT.
Step2: Enter the following values:
This will give the required value as shown below:
Hence, the monthly payment for a mortgage amount of
Want to see more full solutions like this?
Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!
Students have asked these similar questions
Recall the RSA encryption/decryption system. The following questions are based on RSA. Suppose n (=15) is the product of the two prime numbers 3 and 5.1. Find an encryption key e for for the pair (e, n)2. Find a decryption key d for for the pair (d, n)3. Given the plaintext message x = 3, find the ciphertext y = x^(e) (where x^e is the message x encoded with encryption key e)4. Given the ciphertext message y (which you found in previous part), Show that the original message x = 3 can be recovered using (d, n)
Find the sum of products expansion of the function F(x, y, z) = ¯x · y + x · z in two ways: (i) using a table; and (ii) using Boolean identities.
Give both a machine-level description (i.e., step-by-step description in words) and a state-diagram for a Turing machine that accepts all words over the alphabet {a, b} where the number of a’s is greater than or equal to the number of b’s.
Chapter 16 Solutions
EBK BUSINESS MATH
Ch. 16.1 - Prob. 1-1SCCh. 16.1 - Prob. 1-2SCCh. 16.1 - Prob. 1-3SCCh. 16.1 - Prob. 1-4SCCh. 16.1 - Prob. 1-5SCCh. 16.1 - Prob. 1-6SCCh. 16.1 - Prob. 1-7SCCh. 16.1 - Prob. 1-8SCCh. 16.1 - Prob. 2-1SCCh. 16.1 - Prob. 2-2SC
Ch. 16.1 - Prob. 2-3SCCh. 16.1 - Prob. 2-4SCCh. 16.1 - Prob. 2-5SCCh. 16.1 - Prob. 2-6SCCh. 16.1 - Prob. 2-7SCCh. 16.1 - Prob. 1SECh. 16.1 - Prob. 2SECh. 16.1 - Prob. 3SECh. 16.1 - Prob. 4SECh. 16.1 - Prob. 5SECh. 16.1 - Prob. 6SECh. 16.1 - Prob. 7SECh. 16.1 - Prob. 8SECh. 16.1 - Prob. 9SECh. 16.1 - Prob. 10SECh. 16.1 - Prob. 11SECh. 16.1 - Prob. 12SECh. 16.1 - Prob. 13SECh. 16.1 - Prob. 14SECh. 16.1 - Prob. 15SECh. 16.1 - Prob. 16SECh. 16.2 - Prob. 1-1SCCh. 16.2 - Prob. 1-2SCCh. 16.2 - Prob. 1-3SCCh. 16.2 - Prob. 1-4SCCh. 16.2 - Prob. 2-1SCCh. 16.2 - Prob. 2-2SCCh. 16.2 - Prob. 2-3SCCh. 16.2 - Prob. 2-4SCCh. 16.2 - Prob. 1SECh. 16.2 - Prob. 2SECh. 16.2 - Prob. 3SECh. 16.2 - Prob. 4SECh. 16.2 - Prob. 5SECh. 16.2 - Prob. 6SECh. 16.2 - Prob. 7SECh. 16.2 - Prob. 8SECh. 16.2 - Prob. 9SECh. 16.2 - Prob. 10SECh. 16.2 - Prob. 11SECh. 16.2 - Prob. 12SECh. 16.2 - Prob. 13SECh. 16.2 - Prob. 14SECh. 16 - Prob. 1ESCh. 16 - Prob. 2ESCh. 16 - Prob. 3ESCh. 16 - Prob. 4ESCh. 16 - Prob. 5ESCh. 16 - Prob. 6ESCh. 16 - Prob. 7ESCh. 16 - Prob. 8ESCh. 16 - Prob. 9ESCh. 16 - Prob. 10ESCh. 16 - Prob. 11ESCh. 16 - Prob. 12ESCh. 16 - Prob. 13ESCh. 16 - Prob. 14ESCh. 16 - Prob. 15ESCh. 16 - Prob. 16ESCh. 16 - Prob. 17ESCh. 16 - Prob. 18ESCh. 16 - Prob. 19ESCh. 16 - Prob. 20ESCh. 16 - Prob. 21ESCh. 16 - Prob. 22ESCh. 16 - Prob. 23ESCh. 16 - Prob. 24ESCh. 16 - Prob. 25ESCh. 16 - Prob. 26ESCh. 16 - Prob. 27ESCh. 16 - Prob. 28ESCh. 16 - Prob. 29ESCh. 16 - Prob. 30ESCh. 16 - Prob. 31ESCh. 16 - Prob. 32ESCh. 16 - Prob. 33ESCh. 16 - Prob. 34ESCh. 16 - Prob. 35ESCh. 16 - Prob. 36ESCh. 16 - Prob. 1PTCh. 16 - Prob. 2PTCh. 16 - Prob. 3PTCh. 16 - Prob. 4PTCh. 16 - Prob. 5PTCh. 16 - Prob. 6PTCh. 16 - Prob. 7PTCh. 16 - Prob. 8PTCh. 16 - Prob. 9PTCh. 16 - Prob. 10PTCh. 16 - Prob. 11PTCh. 16 - Prob. 12PTCh. 16 - Prob. 13PTCh. 16 - Prob. 14PTCh. 16 - Prob. 15PTCh. 16 - Prob. 16PTCh. 16 - Prob. 17PTCh. 16 - Prob. 18PTCh. 16 - Prob. 1CTCh. 16 - Prob. 2CTCh. 16 - Prob. 3CTCh. 16 - Prob. 4CTCh. 16 - Prob. 5CTCh. 16 - Prob. 1CPCh. 16 - Prob. 2CPCh. 16 - Prob. 3CPCh. 16 - Prob. 1CS1Ch. 16 - Prob. 2CS1Ch. 16 - Prob. 3CS1Ch. 16 - Prob. 4CS1Ch. 16 - Prob. 1CS2Ch. 16 - Prob. 2CS2Ch. 16 - Prob. 3CS2Ch. 16 - Prob. 4CS2Ch. 16 - Prob. 5CS2
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, subject and related others by exploring similar questions and additional content below.Similar questions
- Compute (7^ (25)) mod 11 via the algorithm for modular exponentiation.arrow_forwardProve that the sum of the degrees in the interior angles of any convex polygon with n ≥ 3 sides is (n − 2) · 180. For the base case, you must prove that a triangle has angles summing to 180 degrees. You are permitted to use thefact when two parallel lines are cut by a transversal that corresponding angles are equal.arrow_forwardAnswer the following questions about rational and irrational numbers.1. Prove or disprove: If a and b are rational numbers then a^b is rational.2. Prove or disprove: If a and b are irrational numbers then a^b is irrational.arrow_forward
- Prove the following using structural induction: For any rooted binary tree T the number of vertices |T| in T satisfies the inequality |T| ≤ (2^ (height(T)+1)) − 1.arrow_forward(a) Prove that if p is a prime number and p|k^2 for some integer k then p|k.(b) Using Part (a), prove or disprove: √3 ∈ Q.arrow_forwardProvide a context-free grammar for the language {a^ (i) b^ (j) c^ (k) | i, j, k ∈ N, i = j or i = k}. Briefly explain (no formal proof needed) why your context-free grammar is correct and show that it produces the word aaabbccc.arrow_forward
- The Martinezes are planning to refinance their home. The outstanding balance on their original loan is $150,000. Their finance company has offered them two options. (Assume there are no additional finance charges. Round your answers to the nearest cent.) Option A: A fixed-rate mortgage at an interest rate of 4.5%/year compounded monthly, payable over a 30-year period in 360 equal monthly installments.Option B: A fixed-rate mortgage at an interest rate of 4.25%/year compounded monthly, payable over a 12-year period in 144 equal monthly installments. (a) Find the monthly payment required to amortize each of these loans over the life of the loan. option A $ option B $ (b) How much interest would the Martinezes save if they chose the 12-year mortgage instead of the 30-year mortgage?arrow_forwardThe Martinezes are planning to refinance their home. The outstanding balance on their original loan is $150,000. Their finance company has offered them two options. (Assume there are no additional finance charges. Round your answers to the nearest cent.) Option A: A fixed-rate mortgage at an interest rate of 4.5%/year compounded monthly, payable over a 30-year period in 360 equal monthly installments.Option B: A fixed-rate mortgage at an interest rate of 4.25%/year compounded monthly, payable over a 12-year period in 144 equal monthly installments. (a) Find the monthly payment required to amortize each of these loans over the life of the loan. option A $ option B $ (b) How much interest would the Martinezes save if they chose the 12-year mortgage instead of the 30-year mortgage?arrow_forwardGiven: Circle J 2 What is the value of y? A. 38 C. 68 B. 50 D. 92arrow_forward
- please find the answers for the yellows boxes using the information and the picture belowarrow_forwardConsider the function f(x) = x²-1. (a) Find the instantaneous rate of change of f(x) at x=1 using the definition of the derivative. Show all your steps clearly. (b) Sketch the graph of f(x) around x = 1. Draw the secant line passing through the points on the graph where x 1 and x-> 1+h (for a small positive value of h, illustrate conceptually). Then, draw the tangent line to the graph at x=1. Explain how the slope of the tangent line relates to the value you found in part (a). (c) In a few sentences, explain what the instantaneous rate of change of f(x) at x = 1 represents in the context of the graph of f(x). How does the rate of change of this function vary at different points?arrow_forward1. The graph of ƒ is given. Use the graph to evaluate each of the following values. If a value does not exist, state that fact. и (a) f'(-5) (b) f'(-3) (c) f'(0) (d) f'(5) 2. Find an equation of the tangent line to the graph of y = g(x) at x = 5 if g(5) = −3 and g'(5) = 4. - 3. If an equation of the tangent line to the graph of y = f(x) at the point where x 2 is y = 4x — 5, find ƒ(2) and f'(2).arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Discrete Mathematics and Its Applications ( 8th I...MathISBN:9781259676512Author:Kenneth H RosenPublisher:McGraw-Hill Education
Mathematics for Elementary Teachers with Activiti...MathISBN:9780134392790Author:Beckmann, SybillaPublisher:PEARSON
Thinking Mathematically (7th Edition)MathISBN:9780134683713Author:Robert F. BlitzerPublisher:PEARSON
Discrete Mathematics With ApplicationsMathISBN:9781337694193Author:EPP, Susanna S.Publisher:Cengage Learning,
Pathways To Math Literacy (looseleaf)MathISBN:9781259985607Author:David Sobecki Professor, Brian A. MercerPublisher:McGraw-Hill Education
Discrete Mathematics and Its Applications ( 8th I...
Math
ISBN:9781259676512
Author:Kenneth H Rosen
Publisher:McGraw-Hill Education
Mathematics for Elementary Teachers with Activiti...
Math
ISBN:9780134392790
Author:Beckmann, Sybilla
Publisher:PEARSON
Thinking Mathematically (7th Edition)
Math
ISBN:9780134683713
Author:Robert F. Blitzer
Publisher:PEARSON
Discrete Mathematics With Applications
Math
ISBN:9781337694193
Author:EPP, Susanna S.
Publisher:Cengage Learning,
Pathways To Math Literacy (looseleaf)
Math
ISBN:9781259985607
Author:David Sobecki Professor, Brian A. Mercer
Publisher:McGraw-Hill Education
Use of ALGEBRA in REAL LIFE; Author: Fast and Easy Maths !;https://www.youtube.com/watch?v=9_PbWFpvkDc;License: Standard YouTube License, CC-BY
Compound Interest Formula Explained, Investment, Monthly & Continuously, Word Problems, Algebra; Author: The Organic Chemistry Tutor;https://www.youtube.com/watch?v=P182Abv3fOk;License: Standard YouTube License, CC-BY
Applications of Algebra (Digit, Age, Work, Clock, Mixture and Rate Problems); Author: EngineerProf PH;https://www.youtube.com/watch?v=Y8aJ_wYCS2g;License: Standard YouTube License, CC-BY