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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Unitary Method
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
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Chapter 5.3, Problem 54E

REFINANCING A HOME: The Martinezes are planning to refinance their home. The outstanding balance on their original loan is $ 150 , 000 . Their financing company has offered them two options:

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 15 -year period in 180 equal monthly installments.

a . Find the monthly payment required to amortize each of these loans over the life of the loan.

b . How much interest would the Martinezes save if they chose the 15 -year mortgage instead of the 30 -year mortgage?

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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. 2CQCh. 5.1 - Prob. 3CQCh. 5.1 - Prob. 1ECh. 5.1 - Prob. 2ECh. 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. 5ECh. 5.1 - A bank deposit paying simple interest at the rate...Ch. 5.1 - Prob. 7E
Ch. 5.1 - Prob. 8ECh. 5.1 - Prob. 9ECh. 5.1 - Determine the simple interest rate at which 1200...Ch. 5.1 - Prob. 11ECh. 5.1 - Prob. 12ECh. 5.1 - Prob. 13ECh. 5.1 - Prob. 14ECh. 5.1 - Prob. 15ECh. 5.1 - Prob. 16ECh. 5.1 - Prob. 17ECh. 5.1 - Prob. 18ECh. 5.1 - Prob. 19ECh. 5.1 - Prob. 20ECh. 5.1 - In Exercises 21-24, find the effective rate...Ch. 5.1 - Prob. 22ECh. 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. 26ECh. 5.1 - Prob. 27ECh. 5.1 - Prob. 28ECh. 5.1 - Find the accumulated amount after 4years if 5000...Ch. 5.1 - Prob. 30ECh. 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. 39ECh. 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. 44ECh. 5.1 - HOUSING APPRECIATION The Kwans are planning to buy...Ch. 5.1 - Prob. 46ECh. 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. 53ECh. 5.1 - Prob. 54ECh. 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. 58ECh. 5.1 - ZERO COUPON BONDS Juan is contemplating buying a...Ch. 5.1 - Prob. 60ECh. 5.1 - Prob. 61ECh. 5.1 - Prob. 62ECh. 5.1 - Prob. 63ECh. 5.1 - Prob. 64ECh. 5.1 - SAVING FOR COLLEGE Having received a large...Ch. 5.1 - Prob. 66ECh. 5.1 - REAL ESTATE INVESTMENT An investor purchased a...Ch. 5.1 - Prob. 68ECh. 5.1 - Prob. 69ECh. 5.1 - Prob. 70ECh. 5.1 - Prob. 71ECh. 5.1 - Prob. 72ECh. 5.1 - Prob. 73ECh. 5.1 - Prob. 74ECh. 5.1 - Prob. 75ECh. 5.1 - Prob. 76ECh. 5.1 - Prob. 77ECh. 5.1 - Prob. 78ECh. 5.1 - Prob. 79ECh. 5.1 - Prob. 80ECh. 5.1 - Prob. 81ECh. 5.1 - Prob. 82ECh. 5.1 - Prob. 83ECh. 5.1 - Prob. 84ECh. 5.1 - Optional In Exercises 7986, use logarithms to...Ch. 5.1 - Prob. 86ECh. 5.1 - Prob. 1TECh. 5.1 - Prob. 2TECh. 5.1 - Prob. 3TECh. 5.1 - Prob. 4TECh. 5.1 - Prob. 5TECh. 5.1 - Prob. 6TECh. 5.1 - Prob. 7TECh. 5.1 - Prob. 8TECh. 5.1 - Prob. 9TECh. 5.1 - Prob. 10TECh. 5.1 - Prob. 11TECh. 5.1 - Prob. 12TECh. 5.2 - Is the term of an ordinary annuity fixed or...Ch. 5.2 - Prob. 2CQCh. 5.2 - Prob. 3CQCh. 5.2 - Prob. 4CQCh. 5.2 - In Exercises 1-8, find the amount future value of...Ch. 5.2 - Prob. 2ECh. 5.2 - In Exercises 1-8, find the amount future value of...Ch. 5.2 - Prob. 4ECh. 5.2 - In Exercises 1-8, find the amount future value of...Ch. 5.2 - Prob. 6ECh. 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. 9ECh. 5.2 - Prob. 10ECh. 5.2 - Prob. 11ECh. 5.2 - Prob. 12ECh. 5.2 - In Exercises 9-14, find the present value of each...Ch. 5.2 - Prob. 14ECh. 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. 25ECh. 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. 29ECh. 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. 34ECh. 5.2 - Prob. 35ECh. 5.2 - Prob. 36ECh. 5.2 - Prob. 1TECh. 5.2 - Prob. 2TECh. 5.2 - Prob. 3TECh. 5.2 - Prob. 4TECh. 5.2 - Prob. 5TECh. 5.2 - Prob. 6TECh. 5.2 - Prob. 7TECh. 5.2 - Prob. 8TECh. 5.3 - Write the amortization formula. a. If P and i are...Ch. 5.3 - Prob. 2CQCh. 5.3 - Prob. 1ECh. 5.3 - Prob. 2ECh. 5.3 - In Exercises 1-8, find the periodic payment R...Ch. 5.3 - Prob. 4ECh. 5.3 - In Exercises 1-8, find the periodic payment R...Ch. 5.3 - Prob. 6ECh. 5.3 - In Exercises 1-8, find the periodic payment R...Ch. 5.3 - Prob. 8ECh. 5.3 - In Exercises 9-14, find the periodic payment R...Ch. 5.3 - Prob. 10ECh. 5.3 - In Exercises 9-14, find the periodic payment R...Ch. 5.3 - Prob. 12ECh. 5.3 - Prob. 13ECh. 5.3 - Prob. 14ECh. 5.3 - Prob. 15ECh. 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. 20ECh. 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. 37ECh. 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. 51ECh. 5.3 - ADJUSTABLE-RATE MORTGAGES George secured an...Ch. 5.3 - Prob. 53ECh. 5.3 - REFINANCING A HOME: The Martinezes are planning to...Ch. 5.3 - Prob. 55ECh. 5.3 - Prob. 56ECh. 5.3 - HOME AFFORDABILITY: Suppose that the Carlsons have...Ch. 5.3 - Prob. 58ECh. 5.3 - Prob. 1TECh. 5.3 - Prob. 2TECh. 5.3 - Prob. 3TECh. 5.3 - Prob. 4TECh. 5.3 - Prob. 5TECh. 5.3 - Prob. 6TECh. 5.3 - Prob. 7TECh. 5.3 - Prob. 8TECh. 5.3 - Prob. 9TECh. 5.3 - Prob. 10TECh. 5.4 - Suppose an arithmetic progression has first term a...Ch. 5.4 - Prob. 2CQCh. 5.4 - Prob. 1ECh. 5.4 - Prob. 2ECh. 5.4 - Prob. 3ECh. 5.4 - Prob. 4ECh. 5.4 - Prob. 5ECh. 5.4 - Prob. 6ECh. 5.4 - Prob. 7ECh. 5.4 - Prob. 8ECh. 5.4 - Find the sum of first 15 terms of the arithmetic...Ch. 5.4 - Prob. 10ECh. 5.4 - Find the sum of odd integers between 14 and 58.Ch. 5.4 - Prob. 12ECh. 5.4 - Prob. 13ECh. 5.4 - Prob. 14ECh. 5.4 - Prob. 15ECh. 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. 19ECh. 5.4 - Prob. 20ECh. 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. 25ECh. 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. 28ECh. 5.4 - Prob. 29ECh. 5.4 - Prob. 30ECh. 5.4 - Prob. 31ECh. 5.4 - Prob. 32ECh. 5.4 - Prob. 33ECh. 5.4 - Prob. 34ECh. 5.4 - Prob. 35ECh. 5.4 - Prob. 36ECh. 5.4 - Prob. 37ECh. 5.4 - Prob. 38ECh. 5.4 - Prob. 39ECh. 5.4 - Prob. 40ECh. 5.4 - Prob. 41ECh. 5.4 - DOUBLE DECLINING-BALANCE METHOD OF DEPRECIATION...Ch. 5.4 - Prob. 43ECh. 5.4 - Prob. 44ECh. 5.CRQ - Fill in the blanks. a. Simple interest is computed...Ch. 5.CRQ - Prob. 2CRQCh. 5.CRQ - Prob. 3CRQCh. 5.CRQ - Prob. 4CRQCh. 5.CRQ - Prob. 5CRQCh. 5.CRQ - Prob. 6CRQCh. 5.CRQ - Prob. 7CRQCh. 5.CRQ - Prob. 8CRQCh. 5.CRE - Prob. 1CRECh. 5.CRE - Prob. 2CRECh. 5.CRE - Find the effective rate of interest corresponding...Ch. 5.CRE - Prob. 4CRECh. 5.CRE - Prob. 5CRECh. 5.CRE - Prob. 6CRECh. 5.CRE - Prob. 7CRECh. 5.CRE - Prob. 8CRECh. 5.CRE - Prob. 9CRECh. 5.CRE - Prob. 10CRECh. 5.CRE - Prob. 11CRECh. 5.CRE - Prob. 12CRECh. 5.CRE - Prob. 13CRECh. 5.CRE - Prob. 14CRECh. 5.CRE - Prob. 15CRECh. 5.CRE - Prob. 16CRECh. 5.CRE - Prob. 17CRECh. 5.CRE - Prob. 18CRECh. 5.CRE - Prob. 19CRECh. 5.CRE - Prob. 20CRECh. 5.CRE - Prob. 21CRECh. 5.CRE - Prob. 22CRECh. 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. 26CRECh. 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. 29CRECh. 5.CRE - Prob. 30CRECh. 5.CRE - SINKING FUNDS The management of a condominium...Ch. 5.CRE - CREDIT CARD PAYMENTS The outstanding balance on...Ch. 5.CRE - Prob. 33CRECh. 5.BMO - Find the accumulated amount at the end of 3 years...Ch. 5.BMO - Prob. 2BMOCh. 5.BMO - Prob. 3BMOCh. 5.BMO - Prob. 4BMOCh. 5.BMO - Prob. 5BMOCh. 5.BMO - a. Find the sum of the first ten terms of the...
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