Finite Mathematics
7th Edition
ISBN: 9781337280426
Author: Stefan Waner, Steven Costenoble
Publisher: Cengage Learning
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Chapter 2.3, Problem 69E
Exercises 65–76 are based on the following table, which shows annual rates for various types of loans in 2015.22 Assume monthly payments and compounding periods. [hinT: See Examples 5 and 7.]
| Loan Type | 30-YearMortgage | 15-YearMortgage | 5-YearCar Loan | 4-YearCar Loan | Credit Cards |
| October Rate (%) | 3.93 | 3.14 | 4.30 | 4.24 | 13.10 |
| November Rate (%) | 4.09 | 3.31 | 4.31 | 4.26 | 13.10 |
| December Rate (%) | 4.09 | 3.34 | 4.34 | 4.29 | 13.10 |
Mortgages Fifteen years into your 30-year $150,000 mortgage begun in October 2015, you inherit your rich aunt’s estate and decide to pay off the outstanding principal on your mortgage. What is that amount?
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Chapter 2 Solutions
Finite Mathematics
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