10th Edition

ISBN: 8220102020252

Author: RITCHEY

Publisher: PEARSON

Concept explainers

The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.

Speed, Time, and Distance

Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 …

Profit and Loss

The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.

Units and Measurements

Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experime…

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Textbook Question

Chapter 5.3, Problem 51E

Refinancing a Mortgage Fifteen years ago. the Budai family bought a home and financed $150,000 with a 30-year mortgage at 8.2%.

(a) Find their monthly payment, the total amount of their payments. and the total amount of interest they will pay over die life of thin loan.
(b) The Budais made payments for 15 years. Estimate the unpaid balance using the formula

y = R [ 1 − ( 1 + i ) − ( n − x ) i ] ,

and then calculate the total of their remaining payments.

(c) Suppose interest rates have dropped since the Budai family took out their original loan. One local bank now offers a 30-year mortgage at 6.5%. The bank fees for refinancing are $3400. If the Budais pay this fee up front and refinance the balance of their loan, find their monthly payment. Including the refinancing fee, what is the total amount of their payments? Discuss whether or not the family should refinance with this option.
(d) A different bank offers the same 6.5% rate but on a 15-year mortgage. Their fee for financing is $4500. If the Budais pay this fee up front and refinance the balance of their loan, find their monthly payment. Including the refinancing fee. what is the total amount of their payments? Discuss whether or not the family should refinance with this option.

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Chapter 5.3, Problem 50E

Chapter 5.3, Problem 52E

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Chapter 5 Solutions

EBK FINITE MATHEMATICS AND CALCULUS WIT

Ch. 5.1 - Find the maturity value for a 3000 loan at 5.8%...Ch. 5.1 - Prob. 2YT Ch. 5.1 - Prob. 3YT Ch. 5.1 - Prob. 4YT Ch. 5.1 - Prob. 5YT Ch. 5.1 - Prob. 6YT Ch. 5.1 - Prob. 7YT Ch. 5.1 - Prob. 8YT Ch. 5.1 - Prob. 1WE Ch. 5.1 - Prob. 2WE

Ch. 5.1 - Prob. 3WE Ch. 5.1 - Prob. 4WE Ch. 5.1 - Prob. 1E Ch. 5.1 - Prob. 2E Ch. 5.1 - Prob. 3E Ch. 5.1 - Prob. 4E Ch. 5.1 - Prob. 5E Ch. 5.1 - Prob. 6E Ch. 5.1 - Prob. 7E Ch. 5.1 - Prob. 8E Ch. 5.1 - Prob. 9E Ch. 5.1 - Prob. 10E 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 - What is the difference between t and n?Ch. 5.1 - Prob. 18E Ch. 5.1 - Prob. 19E Ch. 5.1 - Prob. 20E Ch. 5.1 - Prob. 21E Ch. 5.1 - Prob. 22E Ch. 5.1 - Prob. 23E Ch. 5.1 - Prob. 24E Ch. 5.1 - Prob. 25E Ch. 5.1 - Prob. 26E Ch. 5.1 - Prob. 27E Ch. 5.1 - Prob. 28E Ch. 5.1 - Prob. 29E Ch. 5.1 - Prob. 30E Ch. 5.1 - Prob. 31E Ch. 5.1 - Prob. 32E Ch. 5.1 - Prob. 33E Ch. 5.1 - Prob. 34E Ch. 5.1 - Find the present value (the amount that should be...Ch. 5.1 - Prob. 36E Ch. 5.1 - Prob. 37E Ch. 5.1 - Prob. 38E Ch. 5.1 - Prob. 39E Ch. 5.1 - Prob. 40E Ch. 5.1 - Prob. 41E Ch. 5.1 - Prob. 42E Ch. 5.1 - Prob. 43E Ch. 5.1 - Prob. 44E Ch. 5.1 - Prob. 45E Ch. 5.1 - Prob. 46E Ch. 5.1 - For each of the following amounts at the given...Ch. 5.1 - Prob. 48E Ch. 5.1 - Prob. 49E Ch. 5.1 - Prob. 50E Ch. 5.1 - Prob. 51E Ch. 5.1 - Prob. 52E Ch. 5.1 - Prob. 53E Ch. 5.1 - Prob. 54E Ch. 5.1 - Prob. 55E Ch. 5.1 - Prob. 56E Ch. 5.1 - Prob. 57E Ch. 5.1 - Prob. 58E Ch. 5.1 - Prob. 59E 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 - Savings On January 1, 2010, Jack deposited 1000...Ch. 5.1 - Savings Eric deposits 100 into a savings account...Ch. 5.1 - Interest Bruce and Robbie each open new bank...Ch. 5.1 - Prob. 68E Ch. 5.1 - Effective Rate In 2014, the Home Savings Bank paid...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. 5.2 - Prob. 1YT Ch. 5.2 - Prob. 2YT Ch. 5.2 - Prob. 3YT Ch. 5.2 - Prob. 4YT Ch. 5.2 - Prob. 1WE Ch. 5.2 - Prob. 2WE Ch. 5.2 - Prob. 1E Ch. 5.2 - Prob. 2E Ch. 5.2 - Prob. 3E Ch. 5.2 - Prob. 4E Ch. 5.2 - Prob. 5E Ch. 5.2 - Prob. 6E Ch. 5.2 - Prob. 7E Ch. 5.2 - Prob. 8E Ch. 5.2 - Prob. 9E Ch. 5.2 - Prob. 10E Ch. 5.2 - Prob. 11E Ch. 5.2 - Prob. 12E Ch. 5.2 - Prob. 13E Ch. 5.2 - Prob. 14E Ch. 5.2 - Explain how a geometric sequence is related to an...Ch. 5.2 - Prob. 16E Ch. 5.2 - Prob. 17E Ch. 5.2 - Prob. 18E Ch. 5.2 - Prob. 19E Ch. 5.2 - Prob. 20E Ch. 5.2 - Find the future value of each ordinary annuity, if...Ch. 5.2 - Prob. 22E Ch. 5.2 - Prob. 23E Ch. 5.2 - Prob. 24E Ch. 5.2 - Prob. 25E Ch. 5.2 - Prob. 26E Ch. 5.2 - Prob. 27E Ch. 5.2 - Prob. 28E Ch. 5.2 - Prob. 31E Ch. 5.2 - Prob. 32E Ch. 5.2 - Prob. 33E Ch. 5.2 - Prob. 34E Ch. 5.2 - Prob. 35E Ch. 5.2 - Prob. 36E Ch. 5.2 - Prob. 37E Ch. 5.2 - Prob. 38E Ch. 5.2 - Prob. 39E Ch. 5.2 - Prob. 40E Ch. 5.2 - Prob. 41E Ch. 5.2 - Prob. 42E Ch. 5.2 - Prob. 43E Ch. 5.2 - Prob. 44E Ch. 5.2 - Prob. 45E Ch. 5.2 - Prob. 46E Ch. 5.2 - Business and Economics 47. Comparing Accounts...Ch. 5.2 - Prob. 48E Ch. 5.2 - Prob. 49E Ch. 5.2 - Prob. 50E Ch. 5.2 - Retirement Planning At the end of each quarter, a...Ch. 5.2 - Prob. 52E Ch. 5.2 - Prob. 53E Ch. 5.2 - Prob. 54E Ch. 5.2 - Prob. 55E Ch. 5.2 - Prob. 56E Ch. 5.2 - Prob. 57E Ch. 5.2 - Prob. 58E Ch. 5.2 - Prob. 59E Ch. 5.2 - Prob. 60E Ch. 5.2 - Prob. 61E Ch. 5.2 - Savings Nic Daubenmire deposits 10,000 at the...Ch. 5.2 - In Exercises 63 and 64, use a graphing calculator...Ch. 5.2 - Prob. 64E Ch. 5.2 - Lottery In a 1992 Virginia lottery, the jackpot...Ch. 5.2 - Buying Real Estate Erin DAquanni sells some land...Ch. 5.2 - Prob. 67E Ch. 5.2 - Prob. 68E Ch. 5.3 - Prob. 1YT Ch. 5.3 - Prob. 2YT Ch. 5.3 - Prob. 3YT Ch. 5.3 - Prob. 4YT Ch. 5.3 - Prob. 1WE Ch. 5.3 - Prob. 2WE Ch. 5.3 - Prob. 1E Ch. 5.3 - Prob. 2E Ch. 5.3 - Prob. 3E Ch. 5.3 - Prob. 4E Ch. 5.3 - Prob. 5E Ch. 5.3 - Prob. 6E Ch. 5.3 - Prob. 7E Ch. 5.3 - Prob. 8E Ch. 5.3 - Prob. 9E Ch. 5.3 - Prob. 10E Ch. 5.3 - Prob. 11E Ch. 5.3 - Prob. 12E Ch. 5.3 - Find (a) the payment necessary to amortize each...Ch. 5.3 - Prob. 14E Ch. 5.3 - Prob. 15E Ch. 5.3 - Prob. 16E Ch. 5.3 - Prob. 17E Ch. 5.3 - Prob. 18E Ch. 5.3 - Prob. 19E Ch. 5.3 - Prob. 20E Ch. 5.3 - Prob. 21E Ch. 5.3 - Prob. 22E Ch. 5.3 - Prob. 23E Ch. 5.3 - Prob. 24E Ch. 5.3 - Prob. 25E Ch. 5.3 - Prob. 26E Ch. 5.3 - Prob. 27E Ch. 5.3 - Prob. 28E Ch. 5.3 - Prob. 29E Ch. 5.3 - Prob. 30E Ch. 5.3 - Suppose that in the loans described in Exercises...Ch. 5.3 - Prob. 32E Ch. 5.3 - Prob. 33E Ch. 5.3 - Suppose that in the loans described in Exercises...Ch. 5.3 - Prob. 35E Ch. 5.3 - Prob. 36E Ch. 5.3 - Prob. 37E Ch. 5.3 - Prob. 38E Ch. 5.3 - Prob. 39E Ch. 5.3 - New Car Financing In 2014, some dealers offered...Ch. 5.3 - Prob. 41E Ch. 5.3 - Prob. 42E Ch. 5.3 - Prob. 43E Ch. 5.3 - Prob. 44E Ch. 5.3 - Prob. 45E Ch. 5.3 - Prob. 46E Ch. 5.3 - Prob. 47E Ch. 5.3 - Prob. 48E Ch. 5.3 - House Payments Jason Hoffa buys a house for...Ch. 5.3 - Prob. 50E Ch. 5.3 - Refinancing a Mortgage Fifteen years ago. the...Ch. 5.3 - Prob. 52E Ch. 5.3 - Prob. 53E Ch. 5.3 - A loan of 37,948 with interest at 6.5% compounded...Ch. 5.3 - Prob. 55E Ch. 5.3 - Prob. 56E Ch. 5.3 - Prob. 57E Ch. 5 - Determine whether each of the following statements...Ch. 5 - Prob. 2RE Ch. 5 - Prob. 3RE Ch. 5 - Prob. 4RE Ch. 5 - Prob. 5RE Ch. 5 - Prob. 6RE Ch. 5 - Determine whether each of the following statements...Ch. 5 - Prob. 8RE Ch. 5 - Prob. 9RE Ch. 5 - Prob. 10RE Ch. 5 - Prob. 11RE Ch. 5 - Prob. 12RE Ch. 5 - Prob. 13RE Ch. 5 - Prob. 14RE Ch. 5 - Prob. 15RE Ch. 5 - Prob. 16RE Ch. 5 - Prob. 17RE Ch. 5 - Prob. 18RE Ch. 5 - Prob. 19RE Ch. 5 - Prob. 20RE Ch. 5 - Prob. 21RE Ch. 5 - Prob. 22RE Ch. 5 - Prob. 23RE Ch. 5 - Prob. 24RE Ch. 5 - Prob. 25RE Ch. 5 - Prob. 26RE Ch. 5 - Prob. 27RE Ch. 5 - Prob. 28RE Ch. 5 - Prob. 29RE Ch. 5 - Prob. 30RE Ch. 5 - Prob. 31RE Ch. 5 - Prob. 32RE Ch. 5 - Prob. 33RE Ch. 5 - Prob. 34RE Ch. 5 - Prob. 35RE Ch. 5 - Prob. 36RE Ch. 5 - Prob. 37RE Ch. 5 - Prob. 38RE Ch. 5 - Prob. 39RE Ch. 5 - Prob. 40RE Ch. 5 - Prob. 41RE Ch. 5 - Prob. 42RE Ch. 5 - Prob. 43RE Ch. 5 - Prob. 44RE Ch. 5 - Prob. 45RE Ch. 5 - Prob. 46RE Ch. 5 - Prob. 47RE Ch. 5 - Prob. 48RE Ch. 5 - Prob. 49RE Ch. 5 - Prob. 50RE Ch. 5 - Prob. 51RE Ch. 5 - Prob. 52RE Ch. 5 - Prob. 53RE Ch. 5 - Prob. 54RE Ch. 5 - Prob. 55RE Ch. 5 - Prob. 56RE Ch. 5 - Prob. 57RE Ch. 5 - Prob. 58RE Ch. 5 - Prob. 59RE Ch. 5 - Prob. 60RE Ch. 5 - Prob. 61RE Ch. 5 - Prob. 62RE Ch. 5 - Prob. 63RE Ch. 5 - Prob. 64RE Ch. 5 - Prob. 65RE Ch. 5 - Prob. 66RE Ch. 5 - Business Investment A developer deposits 84,720...Ch. 5 - Prob. 68RE Ch. 5 - Prob. 69RE Ch. 5 - Prob. 70RE Ch. 5 - Prob. 71RE Ch. 5 - Prob. 72RE Ch. 5 - Prob. 73RE Ch. 5 - Prob. 74RE Ch. 5 - Prob. 75RE Ch. 5 - Prob. 76RE Ch. 5 - Prob. 77RE Ch. 5 - New Car In Spring 2014, some dealers offered a...Ch. 5 - Prob. 79RE Ch. 5 - Prob. 80RE Ch. 5 - Prob. 81RE

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Solution Summary: The author calculates the monthly payment, total amount of payments, and total interest. The present value is 150,000 and the interest rate is 8.2%.

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Chapter 5 Solutions