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Type of Total Number of Monthly Loan Price Months Monthly Interest Payment Paid Auto 10,000 48 1.25% Condo 200,000 180 0.42% Boat 95,000 60 1% Total Amount Comments # months: 4 years x 12 months; APR is 15% so monthly interest: 15%/12 #months: 15 years x 12 months; APR is 5% so monthly interest: 5%/12 #months: 5 years x 12 months; APR is 12% so monthly interest: 12%/12

Type of Total Number of Monthly Loan Price Months Monthly Interest Payment Paid Auto 10,000 48 1.25% Condo 200,000 180 0.42% Boat 95,000 60 1% Total Amount Comments # months: 4 years x 12 months; APR is 15% so monthly interest: 15%/12 #months: 15 years x 12 months; APR is 5% so monthly interest: 5%/12 #months: 5 years x 12 months; APR is 12% so monthly interest: 12%/12

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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1. what is the monthly payment and total payment using the image below and excel.
Type of Total Number of Monthly Loan Price Months Monthly Interest Payment Paid Auto 10,000 48 1.25% Condo 200,000 180 0.42% Boat 95,000 60 1% Total Amount Comments # months: 4 years x 12 months; APR is 15% so monthly interest: 15%/12 #months: 15 years x 12 months; APR is 5% so monthly interest: 5%/12 #months: 5 years x 12 months; APR is 12% so monthly interest: 12%/12
Transcribed Image Text:Type of Total Number of Monthly Loan Price Months Monthly Interest Payment Paid Auto 10,000 48 1.25% Condo 200,000 180 0.42% Boat 95,000 60 1% Total Amount Comments # months: 4 years x 12 months; APR is 15% so monthly interest: 15%/12 #months: 15 years x 12 months; APR is 5% so monthly interest: 5%/12 #months: 5 years x 12 months; APR is 12% so monthly interest: 12%/12
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