1. Suppose you wish to buy a house for $500,000. You make a 25% down payment and...

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1. Suppose you wish to buy a house for $500,000. You make a 25% down payment and borrow the rest at an interest rate of 6% for 30 years.

(a) What is your annual repayment?

(b) Repeat the above assuming a mortgage term of 25 years.

2. Suppose you borrow $20,000 to buy a car. The interest rate is 11% and the loan is for 8 years.

(a) What is your annual repayment?

(b) What is the remaining balance after 3 years?

Related Book For answer-question

College Algebra Graphs and Models

ISBN: 978-0321845405

5th edition

Authors: Marvin L. Bittinger, Judith A. Beecher, David J. Ellenbogen, Judith A. Penna

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Posted Date: May 12, 2019 11:32 PM

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1. Suppose you wish to buy a house for $500,000. You make a 25% down payment and...

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1 a PVA 6 n30 1 1 106 30 006 1376483 Net borrowing 500000 x 075 375000 A... View the full answer

College Algebra Graphs and Models

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