Chapter 11

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Education, Mathematics

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12th Grade - University

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Medium

Brooke Morgan

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5 Slides • 15 Questions

Chapter 11

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Time (in years):

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Principal (Present Value):

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Future Value:

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Interest Rate:

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Amount of Interest:

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Number of Compounding Periods per Year:

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Periodic Payment:

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Twelve times a year:

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Four times a year:

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Two times a year:

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360 days a year:

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Open Ended

Suppose you buy a home and finance $285,000 at $2,293.17 per month for 30 years. What is the amount of interest paid? Round to the nearest dollar.

Include what formula you use!

Type response here

The amount of interest paid is $540,541

$A=P+I\$
$I\ =\ A-P$
$𝐼=2293.17(12)(30)−285000$

$=\ \text{}540,541$

Open Ended

Find the cost of a car in 5 years, assuming a constant inflation rate of 9%, when the car starts at $19,000. Round to the nearest dollar.

Include the formula you use!

Type response here

$29,798

$A\ =\ Pe^{rt}$

Open Ended

Find the present value needed to achieve $420,000 in 30 years at 6% interest, compounded monthly. Round to the nearest dollar.

Include the formula you use!

Type response here

The present value is $67,738

$P=A\ \left(1+\frac{r}{n}\right)^{-nt}$

Open Ended

Suppose you buy a $503,000 home, bought with a 20% down payment, and the balance financed for 30 years at 4.3%. Find the monthly payment for this loan. Round to the nearest dollar.

Include the formula you use!

Type response here

Your monthly payments are $1,991

Since we can make a 20% down payment the loan amount, P, only needs to be the remaining 80%. 𝑃 = 0.8(503000) = 402400.

m\ =\ \frac{P\left(\frac{r}{n}\right)}{1-\left(1+\frac{r}{n}\right)^{-nt}}

Chapter 11

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