Practical Business Math Procedures with Business Math Handbook
12th Edition
ISBN: 9781259725067
Author: Jeffrey Slater, Sharon M. Wittry
Publisher: McGraw-Hill Education
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Chapter 2, Problem 16PT
To determine
The total number of hours worked by Jim during the week.
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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?
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?
Given: Circle J
2
What is the value of y?
A. 38
C.
68
B. 50
D. 92
Chapter 2 Solutions
Practical Business Math Procedures with Business Math Handbook
Ch. 2.1 - Identify the type of fraction—proper, improper, or...Ch. 2.1 - Convert to a mixed number:
Ch. 2.1 - Convert the mixed number to an improper...Ch. 2.1 - Find the greatest common divisor by the step...Ch. 2.1 - Convert to higher terms:
Ch. 2.1 - Prob. 1EPQCh. 2.1 - Prob. 2EPQCh. 2.1 - Prob. 3EPQCh. 2.1 - Prob. 4EPQCh. 2.1 - Convert to higher terms:
Ch. 2.1 - Prob. 1AHCh. 2.1 - Prob. 2AHCh. 2.1 - Prob. 3AHCh. 2.1 - Prob. 4AHCh. 2.1 - Prob. 5AHCh. 2.1 - Prob. 6AHCh. 2.1 - Prob. 7AHCh. 2.1 - Prob. 8AHCh. 2.1 - Prob. 9AHCh. 2.1 - Prob. 10AHCh. 2.1 - Prob. 11AHCh. 2.1 - Prob. 12AHCh. 2.1 - Prob. 13AHCh. 2.1 - Norman and his friend ordered several pizzas,...Ch. 2.2 - Prob. 1PQCh. 2.2 - Prob. 2PQCh. 2.2 - Prob. 3PQCh. 2.2 - Prob. 4PQCh. 2.2 - Prob. 1EPQCh. 2.2 - Prob. 2EPQCh. 2.2 - Prob. 3EPQCh. 2.2 - Prob. 4EPQCh. 2.2 - Find the least common denominator (LCD) for each...Ch. 2.2 - Prob. 2AHCh. 2.2 - Prob. 3AHCh. 2.2 - Prob. 4AHCh. 2.2 - Prob. 5AHCh. 2.2 - Prob. 6AHCh. 2.2 - Prob. 7AHCh. 2.2 - Prob. 8AHCh. 2.2 - Prob. 9AHCh. 2.3 - Multiply (use cancellation technique):
Ch. 2.3 - Prob. 2PQCh. 2.3 - Prob. 3PQCh. 2.3 - Prob. 4PQCh. 2.3 - Prob. 1EPQCh. 2.3 - Prob. 2EPQCh. 2.3 - Prob. 3EPQCh. 2.3 - Prob. 4EPQCh. 2.3 - Prob. 1AHCh. 2.3 - Prob. 2AHCh. 2.3 - Prob. 3AHCh. 2.3 - Prob. 4AHCh. 2.3 - Prob. 5AHCh. 2.3 - Lynn Clarkson saw an ad for a camcorder that cost...Ch. 2.3 - Prob. 7AHCh. 2.3 - Prob. 8AHCh. 2.3 - Prob. 9AHCh. 2.3 - Prob. 10AHCh. 2.3 - Prob. 11AHCh. 2 - Prob. 1ECPCh. 2 - Prob. 2ECPCh. 2 - Prob. 3ECPCh. 2 - Prob. 4ECPCh. 2 - Prob. 5ECPCh. 2 - Prob. 6ECPCh. 2 - Prob. 7ECPCh. 2 - Prob. 8ECPCh. 2 - Prob. 9ECPCh. 2 - Prob. 10ECPCh. 2 - Prob. 11ECPCh. 2 - Prob. 12ECPCh. 2 - Prob. 13ECPCh. 2 - Prob. 14ECPCh. 2 - Prob. 15ECPCh. 2 - Prob. 16ECPCh. 2 - Prob. 17ECPCh. 2 - Prob. 18ECPCh. 2 - Prob. 19ECPCh. 2 - Prob. 20ECPCh. 2 - Prob. 21ECPCh. 2 - Prob. 22ECPCh. 2 - Prob. 23ECPCh. 2 - Prob. 24ECPCh. 2 - Prob. 25ECPCh. 2 - Prob. 26ECPCh. 2 - Prob. 27ECPCh. 2 - Prob. 28ECPCh. 2 - Prob. 29ECPCh. 2 - Prob. 30ECPCh. 2 - Prob. 31ECPCh. 2 - Prob. 32ECPCh. 2 - Prob. 33ECPCh. 2 - Prob. 34ECPCh. 2 - Prob. 35ECPCh. 2 - Prob. 36ECPCh. 2 - Tiffani Lind got her new weekly course schedule...Ch. 2 - Prob. 38ECPCh. 2 - Prob. 39ECPCh. 2 - Prob. 40ECPCh. 2 - Prob. 41ECPCh. 2 - Prob. 42ECPCh. 2 - Prob. 43ECPCh. 2 - Lionel Sullivan works for Burger King. He is paid...Ch. 2 - Prob. 45ECPCh. 2 - Prob. 46ECPCh. 2 - Prob. 47ECPCh. 2 - Prob. 48ECPCh. 2 - Prob. 49ECPCh. 2 - Prob. 50ECPCh. 2 - Prob. 51ECPCh. 2 - Prob. 52ECPCh. 2 - Prob. 53ECPCh. 2 - Shelly Van Doren hired a contractor to refinish...Ch. 2 - Prob. 55ECPCh. 2 - Prob. 56ECPCh. 2 - Frank Puleo bought 6,625 acres of land in ski...Ch. 2 - Prob. 58ECPCh. 2 - Prob. 59ECPCh. 2 - Prob. 60ECPCh. 2 - Prob. 61ECPCh. 2 - Prob. 62ECPCh. 2 - Prob. 63ECPCh. 2 - Jack MacLean has entered into a real estate...Ch. 2 - Prob. 1PTCh. 2 - Prob. 2PTCh. 2 - Prob. 3PTCh. 2 - Prob. 4PTCh. 2 - Prob. 5PTCh. 2 - Prob. 6PTCh. 2 - Prob. 7PTCh. 2 - Prob. 8PTCh. 2 - Prob. 9PTCh. 2 - Prob. 10PTCh. 2 - Prob. 11PTCh. 2 - Prob. 12PTCh. 2 - Prob. 13PTCh. 2 - Prob. 14PTCh. 2 - Prob. 15PTCh. 2 - Jim Janes, an employee of Enterprise Co., worked ...Ch. 2 - Prob. 17PT
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