Explanation Given Information: A graph shows the monthly payment required to pay off the loan, depending on the length of the loan. Formula used: To get the payback for a 20-year loan is calculated by using the formula. Total pay back = Monthly payment × Number of month Calculation: Refer the provided figure, From the figure, it is clear that the point corresponding to 20-year on vertical axis is between 500 and 1000 or about $760

9th Edition

ISBN: 9780321997173

Author: Marvin L. Bittinger, Judith A. Beecher

Publisher: PEARSON

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Chapter 5.3, Problem 42ES

To determine

To calculate: The pay back for a 20-year loan, if there are 240 monthly payments. Where the following figure shows the monthly mortgage payment (in dollar) and x shows the time of loan (in year).

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Chapter 5.3, Problem 41ES

Chapter 5.3, Problem 43ES

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The pay back for a 20-year loan, if there are 240 monthly payments. Where the following figure shows the monthly mortgage payment (in dollar) and x shows the time of loan (in year).

Solution Summary: The author calculates the payback for a 20-year loan, if there are 240 monthly payments.

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To calculate: The pay back for a 20-year loan, if there are 240 monthly payments. Where the following figure shows the monthly mortgage payment (in dollar) and x shows the time of loan (in year).

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Chapter 5 Solutions