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Math Finite Mathematics for the Managerial, Life, and Social Sciences, 11th Edition

PERSONAL LOANS Two years ago, Paul borrowed $10,000 from his sister Gerri to start a business. Paul agreed to pay Gerri interest for the loan at the rate of 4%/year, compounded continuously. Paul will now begin repaying the amount he owes by amortizing the loan (plus the interest that has accrued over the past 2 years) through monthly payments over the next 5 years at an interest rate of 3%/year compounded monthly. Find the size of the monthly payments Paul will be required to make.

PERSONAL LOANS Two years ago, Paul borrowed $10,000 from his sister Gerri to start a business. Paul agreed to pay Gerri interest for the loan at the rate of 4%/year, compounded continuously. Paul will now begin repaying the amount he owes by amortizing the loan (plus the interest that has accrued over the past 2 years) through monthly payments over the next 5 years at an interest rate of 3%/year compounded monthly. Find the size of the monthly payments Paul will be required to make.

Solution Summary: The author explains the size of monthly payment Paul is required to make to his sister.

Finite Mathematics for the Managerial, Life, and Social Sciences, 11th Edition

Finite Mathematics for the Managerial, Life, and Social Sciences, 11th Edition

11th Edition

ISBN: 9781285464657

Author: Soo T. Tan

Publisher: Brooks Cole

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Textbook Question

Chapter 5.3, Problem 43E

PERSONAL LOANS Two years ago, Paul borrowed $10,000 from his sister Gerri to start a business. Paul agreed to pay Gerri interest for the loan at the rate of 4%/year, compounded continuously. Paul will now begin repaying the amount he owes by amortizing the loan (plus the interest that has accrued over the past 2 years) through monthly payments over the next 5 years at an interest rate of 3%/year compounded monthly. Find the size of the monthly payments Paul will be required to make.

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Chapter 5.3, Problem 42E

Chapter 5.3, Problem 44E

Chapter 5 Solutions

Finite Mathematics for the Managerial, Life, and Social Sciences, 11th Edition

Ch. 5.1 - Explain the difference between simple interest and...Ch. 5.1 - Prob. 2CQ Ch. 5.1 - Prob. 3CQ Ch. 5.1 - Prob. 1E Ch. 5.1 - Prob. 2E Ch. 5.1 - Find the accumulated amount at the end of 9months...Ch. 5.1 - Find the accumulated amount at the end of 8months...Ch. 5.1 - Prob. 5E Ch. 5.1 - A bank deposit paying simple interest at the rate...Ch. 5.1 - Prob. 7E

Ch. 5.1 - Prob. 8E Ch. 5.1 - Prob. 9E Ch. 5.1 - Determine the simple interest rate at which 1200...Ch. 5.1 - Prob. 11E Ch. 5.1 - Prob. 12E Ch. 5.1 - Prob. 13E Ch. 5.1 - Prob. 14E Ch. 5.1 - Prob. 15E Ch. 5.1 - Prob. 16E Ch. 5.1 - Prob. 17E Ch. 5.1 - Prob. 18E Ch. 5.1 - Prob. 19E Ch. 5.1 - Prob. 20E Ch. 5.1 - In Exercises 21-24, find the effective rate...Ch. 5.1 - Prob. 22E Ch. 5.1 - In Exercises 21-24, find the effective rate...Ch. 5.1 - In Exercises 21-24, find the effective rate...Ch. 5.1 - In Exercises 25-28, find the present value of...Ch. 5.1 - Prob. 26E Ch. 5.1 - Prob. 27E Ch. 5.1 - Prob. 28E Ch. 5.1 - Find the accumulated amount after 4years if 5000...Ch. 5.1 - Prob. 30E Ch. 5.1 - CONSUMER DECISIONS Mitchell has been given the...Ch. 5.1 - COURT JUDGMENT Jennifer was awarded damages of...Ch. 5.1 - BRIDGE LOANS To help finance the purchase of a new...Ch. 5.1 - CORPORATE BONDS David owns 20,000 worth of 10-year...Ch. 5.1 - MUNICIPAL BONDS Maya paid 10,000 for a 7-year bond...Ch. 5.1 - TREASURY BILLS Isabella purchased 20,000 worth of...Ch. 5.1 - TREASURY BILLS Maxwell purchased 15,000 worth of...Ch. 5.1 - COMPARING INVESTMENT RETURNS The value of Marias...Ch. 5.1 - Prob. 39E Ch. 5.1 - INVESTMENTS The value of Jacks investment...Ch. 5.1 - INVESTMENTS The value of Arabellas stock portfolio...Ch. 5.1 - Write Formula 1b in the slope intercept form, and...Ch. 5.1 - HOSPITAL COSTS If the cost of a semiprivate room...Ch. 5.1 - Prob. 44E Ch. 5.1 - HOUSING APPRECIATION The Kwans are planning to buy...Ch. 5.1 - Prob. 46E Ch. 5.1 - PENSION FUNDS The managers of a pension fund have...Ch. 5.1 - RETIREMENT FUNDS Five and a half years ago, Chris...Ch. 5.1 - MUTUAL FUNDS Jodie invested 15,000 in a mutual...Ch. 5.1 - TRUST FUNDS A young man is the beneficiary of a...Ch. 5.1 - INVESTMENT PLANNING Find how much money should be...Ch. 5.1 - PROMISSORY NOTES An individual purchased a 4-year,...Ch. 5.1 - Prob. 53E Ch. 5.1 - Prob. 54E Ch. 5.1 - COMPARING RATES OF RETURN In the last 5 years,...Ch. 5.1 - COMPARING RATES OF RETURN Fleet Street Savings...Ch. 5.1 - LOAN CONSOLIDATION The proprietors of The Coachmen...Ch. 5.1 - Prob. 58E Ch. 5.1 - ZERO COUPON BONDS Juan is contemplating buying a...Ch. 5.1 - Prob. 60E Ch. 5.1 - Prob. 61E Ch. 5.1 - Prob. 62E Ch. 5.1 - Prob. 63E Ch. 5.1 - Prob. 64E Ch. 5.1 - SAVING FOR COLLEGE Having received a large...Ch. 5.1 - Prob. 66E Ch. 5.1 - REAL ESTATE INVESTMENT An investor purchased a...Ch. 5.1 - Prob. 68E Ch. 5.1 - Prob. 69E Ch. 5.1 - Prob. 70E Ch. 5.1 - Prob. 71E Ch. 5.1 - Prob. 72E Ch. 5.1 - Prob. 73E Ch. 5.1 - Prob. 74E Ch. 5.1 - Prob. 75E Ch. 5.1 - Prob. 76E Ch. 5.1 - Prob. 77E Ch. 5.1 - Prob. 78E Ch. 5.1 - Prob. 79E Ch. 5.1 - Prob. 80E Ch. 5.1 - Prob. 81E Ch. 5.1 - Prob. 82E Ch. 5.1 - Prob. 83E Ch. 5.1 - Prob. 84E Ch. 5.1 - Optional In Exercises 7986, use logarithms to...Ch. 5.1 - Prob. 86E Ch. 5.1 - Prob. 1TE Ch. 5.1 - Prob. 2TE Ch. 5.1 - Prob. 3TE Ch. 5.1 - Prob. 4TE Ch. 5.1 - Prob. 5TE Ch. 5.1 - Prob. 6TE Ch. 5.1 - Prob. 7TE Ch. 5.1 - Prob. 8TE Ch. 5.1 - Prob. 9TE Ch. 5.1 - Prob. 10TE Ch. 5.1 - Prob. 11TE Ch. 5.1 - Prob. 12TE Ch. 5.2 - Is the term of an ordinary annuity fixed or...Ch. 5.2 - Prob. 2CQ Ch. 5.2 - Prob. 3CQ Ch. 5.2 - Prob. 4CQ Ch. 5.2 - In Exercises 1-8, find the amount future value of...Ch. 5.2 - Prob. 2E Ch. 5.2 - In Exercises 1-8, find the amount future value of...Ch. 5.2 - Prob. 4E Ch. 5.2 - In Exercises 1-8, find the amount future value of...Ch. 5.2 - Prob. 6E Ch. 5.2 - In Exercises 1-8, find the amount future value of...Ch. 5.2 - In Exercises 1-8, find the amount future value of...Ch. 5.2 - Prob. 9E Ch. 5.2 - Prob. 10E Ch. 5.2 - Prob. 11E Ch. 5.2 - Prob. 12E Ch. 5.2 - In Exercises 9-14, find the present value of each...Ch. 5.2 - Prob. 14E Ch. 5.2 - IRAs If a merchant deposits 1500 at the end of...Ch. 5.2 - SAVINGS ACCOUNTS If Jackson deposits 100 at the...Ch. 5.2 - SAVINGS ACCOUNTS Linda has joined a Christmas Fund...Ch. 5.2 - KEOGH ACCOUNTS Robin, who is self-employed,...Ch. 5.2 - INVESTMENT ANALYSIS Karen has been depositing 150...Ch. 5.2 - RETIREMENT PLANNING As a fringe benefit for the...Ch. 5.2 - INVESTMENT ANALYSIS Luis has 150,000 in his...Ch. 5.2 - AUTO LEASING The Betzes have leased an auto for 2...Ch. 5.2 - SAVINGS ACCOUNTS The Pirerras are planning to go...Ch. 5.2 - INSTALLMENT PLANS Mikes Sporting Goods sells...Ch. 5.2 - Prob. 25E Ch. 5.2 - LOTTERY PAYOUTS A state lottery commission pays...Ch. 5.2 - PURCHASING A HOME The Johnsons have accumulated a...Ch. 5.2 - PURCHASING A HOME Refer to Exercise 27. If local...Ch. 5.2 - Prob. 29E Ch. 5.2 - SAVINGS PLAN Lauren plans to deposit 5000 into a...Ch. 5.2 - FINANCIAL PLANNING Joe plans to deposit 200 at the...Ch. 5.2 - INVESTMENT ANALYSIS From age 25 to age 40, Jessica...Ch. 5.2 - ROTH IRAS Suppose that Jacob deposits 3000/year...Ch. 5.2 - Prob. 34E Ch. 5.2 - Prob. 35E Ch. 5.2 - Prob. 36E Ch. 5.2 - Prob. 1TE Ch. 5.2 - Prob. 2TE Ch. 5.2 - Prob. 3TE Ch. 5.2 - Prob. 4TE Ch. 5.2 - Prob. 5TE Ch. 5.2 - Prob. 6TE Ch. 5.2 - Prob. 7TE Ch. 5.2 - Prob. 8TE Ch. 5.3 - Write the amortization formula. a. If P and i are...Ch. 5.3 - Prob. 2CQ Ch. 5.3 - Prob. 1E Ch. 5.3 - Prob. 2E Ch. 5.3 - In Exercises 1-8, find the periodic payment R...Ch. 5.3 - Prob. 4E Ch. 5.3 - In Exercises 1-8, find the periodic payment R...Ch. 5.3 - Prob. 6E Ch. 5.3 - In Exercises 1-8, find the periodic payment R...Ch. 5.3 - Prob. 8E Ch. 5.3 - In Exercises 9-14, find the periodic payment R...Ch. 5.3 - Prob. 10E Ch. 5.3 - In Exercises 9-14, find the periodic payment R...Ch. 5.3 - Prob. 12E Ch. 5.3 - Prob. 13E Ch. 5.3 - Prob. 14E Ch. 5.3 - Prob. 15E Ch. 5.3 - Suppose payments were made at the end of each...Ch. 5.3 - Suppose payments will be made for 612 years at the...Ch. 5.3 - Suppose payments will be made for 914 years at the...Ch. 5.3 - LOAN AMORTIZATION A sum of 100,000 is to be repaid...Ch. 5.3 - Prob. 20E Ch. 5.3 - HOME MORTAGES Complete the following table which...Ch. 5.3 - FINANCING A HOME The Flemings secured a bank loan...Ch. 5.3 - FINANCING A CAR The price of a new car is 20,000....Ch. 5.3 - FINANCIAL ANALYSIS A group of private investors...Ch. 5.3 - FINANCING A HOME The Taylors have purchased a...Ch. 5.3 - FINANCIAL PLANNING Jessica wants to accumulate...Ch. 5.3 - SINKING FUNDS A city has 2.5 million worth of...Ch. 5.3 - TRUST FUNDS Carl is the beneficiary of a 20,000...Ch. 5.3 - SINKING FUNDS Lowell Corporation wishes to...Ch. 5.3 - SINKING FUNDS The management of Gibraltar...Ch. 5.3 - RETIREMENT ACCOUNTS Andrea, a self-employed...Ch. 5.3 - STUDENT LOANS Joe Secure a loan of 12000 3years...Ch. 5.3 - RETIREMENT ACCOUNTS Robin wishes to accumulate...Ch. 5.3 - FINANCING COLLEGE EXPENSES Yumis grandparents...Ch. 5.3 - IRAs Martin has deposited 375 in his IRA at the...Ch. 5.3 - RETIREMENT PLANNING Jennifer is the owner of a...Ch. 5.3 - Prob. 37E Ch. 5.3 - FINANCING A CAR Darla purchased a new car during a...Ch. 5.3 - AUTO FINANCING Dan is contemplating trading in his...Ch. 5.3 - AUTO FINANCING Paula is considering the purchase...Ch. 5.3 - FINANCING A HOME Eight years ago, Kim secured a...Ch. 5.3 - FINANCING A HOME Sarah secured a bank loan of...Ch. 5.3 - PERSONAL LOANS Two years ago, Paul borrowed 10,000...Ch. 5.3 - INVESTMENT ANALYSIS Since he was 22 years old, Ben...Ch. 5.3 - BALLOON PAYMENT MORTGAGES Emilio is securing a...Ch. 5.3 - BALLOON PAYMENT MORTGAGES Olivia plans to secure a...Ch. 5.3 - HOME REFINANCING Four years ago, Emily secured a...Ch. 5.3 - HOME REFINANCING Five years ago, Diane secured a...Ch. 5.3 - REFINANCING A HOME The Sandersons are planning to...Ch. 5.3 - REFINANCING A HOME Josh purchased a condominium 5...Ch. 5.3 - Prob. 51E Ch. 5.3 - ADJUSTABLE-RATE MORTGAGES George secured an...Ch. 5.3 - Prob. 53E Ch. 5.3 - REFINANCING A HOME: The Martinezes are planning to...Ch. 5.3 - Prob. 55E Ch. 5.3 - Prob. 56E Ch. 5.3 - HOME AFFORDABILITY: Suppose that the Carlsons have...Ch. 5.3 - Prob. 58E Ch. 5.3 - Prob. 1TE Ch. 5.3 - Prob. 2TE Ch. 5.3 - Prob. 3TE Ch. 5.3 - Prob. 4TE Ch. 5.3 - Prob. 5TE Ch. 5.3 - Prob. 6TE Ch. 5.3 - Prob. 7TE Ch. 5.3 - Prob. 8TE Ch. 5.3 - Prob. 9TE Ch. 5.3 - Prob. 10TE Ch. 5.4 - Suppose an arithmetic progression has first term a...Ch. 5.4 - Prob. 2CQ Ch. 5.4 - Prob. 1E Ch. 5.4 - Prob. 2E Ch. 5.4 - Prob. 3E Ch. 5.4 - Prob. 4E Ch. 5.4 - Prob. 5E Ch. 5.4 - Prob. 6E Ch. 5.4 - Prob. 7E Ch. 5.4 - Prob. 8E Ch. 5.4 - Find the sum of first 15 terms of the arithmetic...Ch. 5.4 - Prob. 10E Ch. 5.4 - Find the sum of odd integers between 14 and 58.Ch. 5.4 - Prob. 12E Ch. 5.4 - Prob. 13E Ch. 5.4 - Prob. 14E Ch. 5.4 - Prob. 15E Ch. 5.4 - SALES GROWTH Moderne Furniture Company had sales...Ch. 5.4 - EXERCISE PROGRAM As part of her fitness program,...Ch. 5.4 - COST OF DRILLING A 100-ft oil well is to be...Ch. 5.4 - Prob. 19E Ch. 5.4 - Prob. 20E Ch. 5.4 - SUM-OF-THE-YEARS-DIGITS METHOD OF DEPRECIATION One...Ch. 5.4 - SUM-OF-THE-YEARS-DIGITS METHOD OF DEPRECIATION The...Ch. 5.4 - In Exercises 23-28, determine which of the...Ch. 5.4 - In Exercises 23-28, determine which of the...Ch. 5.4 - Prob. 25E Ch. 5.4 - In Exercises 23-28, determine which of the...Ch. 5.4 - In Exercises 23-28, determine which of the...Ch. 5.4 - Prob. 28E Ch. 5.4 - Prob. 29E Ch. 5.4 - Prob. 30E Ch. 5.4 - Prob. 31E Ch. 5.4 - Prob. 32E Ch. 5.4 - Prob. 33E Ch. 5.4 - Prob. 34E Ch. 5.4 - Prob. 35E Ch. 5.4 - Prob. 36E Ch. 5.4 - Prob. 37E Ch. 5.4 - Prob. 38E Ch. 5.4 - Prob. 39E Ch. 5.4 - Prob. 40E Ch. 5.4 - Prob. 41E Ch. 5.4 - DOUBLE DECLINING-BALANCE METHOD OF DEPRECIATION...Ch. 5.4 - Prob. 43E Ch. 5.4 - Prob. 44E Ch. 5.CRQ - Fill in the blanks. a. Simple interest is computed...Ch. 5.CRQ - Prob. 2CRQ Ch. 5.CRQ - Prob. 3CRQ Ch. 5.CRQ - Prob. 4CRQ Ch. 5.CRQ - Prob. 5CRQ Ch. 5.CRQ - Prob. 6CRQ Ch. 5.CRQ - Prob. 7CRQ Ch. 5.CRQ - Prob. 8CRQ Ch. 5.CRE - Prob. 1CRE Ch. 5.CRE - Prob. 2CRE Ch. 5.CRE - Find the effective rate of interest corresponding...Ch. 5.CRE - Prob. 4CRE Ch. 5.CRE - Prob. 5CRE Ch. 5.CRE - Prob. 6CRE Ch. 5.CRE - Prob. 7CRE Ch. 5.CRE - Prob. 8CRE Ch. 5.CRE - Prob. 9CRE Ch. 5.CRE - Prob. 10CRE Ch. 5.CRE - Prob. 11CRE Ch. 5.CRE - Prob. 12CRE Ch. 5.CRE - Prob. 13CRE Ch. 5.CRE - Prob. 14CRE Ch. 5.CRE - Prob. 15CRE Ch. 5.CRE - Prob. 16CRE Ch. 5.CRE - Prob. 17CRE Ch. 5.CRE - Prob. 18CRE Ch. 5.CRE - Prob. 19CRE Ch. 5.CRE - Prob. 20CRE Ch. 5.CRE - Prob. 21CRE Ch. 5.CRE - Prob. 22CRE Ch. 5.CRE - MUTUAL FUNDS Juan invested 24.000 in a mutual fund...Ch. 5.CRE - COLLEGE SAVINGS PROGRAM The Blakes have decided to...Ch. 5.CRE - RETIREMENT ACCOUNTS Mai Lee has contributed 200 at...Ch. 5.CRE - Prob. 26CRE Ch. 5.CRE - INSTALLMENT FINANCING Peggy made a down payment of...Ch. 5.CRE - HOME FINANCING The Turners have purchased a house...Ch. 5.CRE - Prob. 29CRE Ch. 5.CRE - Prob. 30CRE Ch. 5.CRE - SINKING FUNDS The management of a condominium...Ch. 5.CRE - CREDIT CARD PAYMENTS The outstanding balance on...Ch. 5.CRE - Prob. 33CRE Ch. 5.BMO - Find the accumulated amount at the end of 3 years...Ch. 5.BMO - Prob. 2BMO Ch. 5.BMO - Prob. 3BMO Ch. 5.BMO - Prob. 4BMO Ch. 5.BMO - Prob. 5BMO Ch. 5.BMO - a. Find the sum of the first ten terms of the...

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