Path To College Mathematics
1st Edition
ISBN: 9780134654409
Author: Martin-Gay, K. Elayn, 1955-
Publisher: Pearson,
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Chapter C, Problem 34ES
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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 C Solutions
Path To College Mathematics
Ch. C - Prob. 1ESCh. C - Prob. 2ESCh. C - Prob. 3ESCh. C - Prob. 4ESCh. C - Prob. 5ESCh. C - Prob. 6ESCh. C - Prob. 7ESCh. C - Prob. 8ESCh. C - Prob. 9ESCh. C - Prob. 10ES
Ch. C - Prob. 11ESCh. C - Prob. 12ESCh. C - Prob. 13ESCh. C - Prob. 14ESCh. C - Prob. 15ESCh. C - Prob. 16ESCh. C - Prob. 17ESCh. C - Prob. 18ESCh. C - Prob. 19ESCh. C - Prob. 20ESCh. C - Prob. 21ESCh. C - Prob. 22ESCh. C - Prob. 23ESCh. C - Prob. 24ESCh. C - Prob. 25ESCh. C - Prob. 26ESCh. C - Prob. 27ESCh. C - Prob. 28ESCh. C - Prob. 29ESCh. C - Prob. 30ESCh. C - Prob. 31ESCh. C - Prob. 32ESCh. C - Prob. 33ESCh. C - Prob. 34ESCh. C - Prob. 35ESCh. C - Prob. 36ESCh. C - Prob. 37ESCh. C - Prob. 38ESCh. C - Prob. 39ESCh. C - Prob. 40ESCh. C - Prob. 41ESCh. C - Prob. 42ESCh. C - Prob. 43ESCh. C - Prob. 44ESCh. C - Prob. 45ESCh. C - Prob. 46ESCh. C - Prob. 47ESCh. C - Prob. 48ESCh. C - Prob. 49ESCh. C - Prob. 50ESCh. C - 12,000 good assembly line products to 40 defective...Ch. C - Prob. 52ESCh. C - Prob. 53ESCh. C - Prob. 54ESCh. C - Prob. 55ESCh. C - Prob. 56ESCh. C - Prob. 57ESCh. C - Prob. 58ESCh. C - Prob. 59ESCh. C - Prob. 60ESCh. C - Prob. 61ESCh. C - Prob. 62ESCh. C - Prob. 63ESCh. C - Prob. 64ESCh. C - Prob. 65ESCh. C - Prob. 66ESCh. C - Prob. 67ESCh. C - Prob. 68ESCh. C - Prob. 69ESCh. C - Prob. 70ES
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