Question: MAT 145 NAME CASE STUDY # 4: Consolidating Loans Show all your work for full credit; explanations must be in paragraph form. Answers must be

MAT 145 NAME CASE STUDY # 4: Consolidating Loans Show all your work for full credit; explanations must be in paragraph form. Answers must be rounded to the nearest hundredth. Robert & Julie Brown are struggling to make their monthly payments. They have accumulated too much debt, which was easy to do with two young kids at home. Julie works 30 hours a week and takes care of the kids after day care. Their credit history was poor, resulting in high interest rates on loans. However, a few months ago, Robert added a second job, and they have been making payments regularly for 5 months 1. Find the monthly payments on each of the following purchases and the total monthly payment. Purchase Original Loan Monthly Interest Rate Torm of Loan Amount Payment Honda Accord $18,800 12% 4 y Ford truck S14100 18% 4 yrs Home 5120,000 6.5% 15 y uity Loan $4,500 yr Total Source: Fictitious data for illustration purposes only

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