Ariel would like to borrow $ 1 7 0 , 0 0 0 to buy a house.

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Question:

Ariel would like to borrow $

170, 000

to buy a house. Her parents have offered to help by giving her the money over a

15 -

year period if she would pay the same rate that their CD pays at the bank, which is

5.5 %

per year. Ariel would like to make monthly payments to her parents and also make a balloon payment to them for $

60, 000 .

What would her monthly payments be

?

Related Book For answer-question

Finite Mathematics and Its Applications

ISBN: 978-0134768632

12th edition

Authors: Larry J. Goldstein, David I. Schneider, Martha J. Siegel, Steven Hair

See More Books

Posted Date: Feb 09, 2024 11:51 PM

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Ariel would like to borrow $ 1 7 0 , 0 0 0 to buy a house.

Question:

Expert Answer:

The monthly payment for Ariels loan would be 89879 Heres how we can calculate it Loan amount 170000 ... View the full answer

Finite Mathematics and Its Applications

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