Use the TVM Solver to solve the problem.

Sami is looking to purchase a vehicle. Sami can afford $$425$ payments each month. A dealership offers Sami a $5-$year loan with an APR of $8\%$ compounded monthly.

A$)$ How expensive of a vehicle can Sami purchase?

N : $q,$ I: PV: $$ PMT: $$ FV: $$ PM: $$ CM: $$

Maximum Purchase Price: $$

B$)$ How much will be spent on interest for this loan?

Amount of Interest: $$

C$)$ What percentage of the loan is interest?

Percentage Interest: $q,$

$10.$ Use the TVM Solver to solve the problem.

You want to purchase a house priced at $$250,000$ with a downpayment of $$12,500.$ You can take out a $30-$year standard mortgage with a fixed APR of $6\mathrm{.}49$ compounded monthly

A$)$ What are your monthly payments?

N $$ PV: $$ PMT: $$ FV: $$ PN: $$ CN:

B$)$ You decide to pay off your loan after $20$ years. Find the unpaid balance of the mortgage.

$N$: $$

$$ PV: $q,$ PMT $$ FV: $$ PN: $CY$ : $$

Unpaid Balance: $q,$

MULTIPLE CHOICE

ANSWERS

$11.$ Keeley wants to save $$3120$ for a vacation to Alaska. If Keeley has already saved $$768,$ what percent of Keeley's goal has been reached?.

A$)41\%$

B$)24\mathrm{.}6\%$

C$)4\mathrm{.}1\%$

D$)2\mathrm{.}5\%$