# 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.

**Related Book For**

## Discovering Advanced Algebra An Investigative Approach

ISBN: 978-1559539845

1st edition

Authors: Jerald Murdock, Ellen Kamischke, Eric Kamischke