Suppose you want to borrow $95,000 and you find a bank offering a 20 year loan with
Question:
A. Find your regular payment if you pay n=1, 12, 26, 52 times a year.
B. Compute the total payout for each of the loans in part (a).
C. Compare the total payouts computed in part (b).
A. The payment for n = 1 would be $____.
The payment for n = 12 would be $____.
The payment for n = 26 would be $____.
The payment for n = 52 would be $____.
(Do not round until final answer. Then round to the nearest cent as needed.)
B.n For n=1 total amount paid is $ _____, for n=12, the total amount paid n is $____, for n=16 , the total amount paid is $______, and for n=52 the n total amount paid is $_____.
(Round to the nearest dollar).
C. What can be said about the frequency of payment and the total amount paid?
A. More frequent payments result in a smaller total amount paid.
B. Less frequent payments result in a smaller total amount paid.
C. More frequent payments result in a larger total amount paid.
D. There is no relationship between the payment frequency and total amount paid.
Discovering Advanced Algebra An Investigative Approach
ISBN: 978-1559539845
1st edition
Authors: Jerald Murdock, Ellen Kamischke, Eric Kamischke