Presentation is loading. Please wait.

Presentation is loading. Please wait.

Craig sent this problem: “You are given: P = $4,000, r = 9%, n = 60 mos., and R = $83.03 On an amortized loan, and then you refinance after 12 months.

Published byCoral Higgins Modified over 9 years ago

Similar presentations

Presentation on theme: "Craig sent this problem: “You are given: P = $4,000, r = 9%, n = 60 mos., and R = $83.03 On an amortized loan, and then you refinance after 12 months."— Presentation transcript:

1 Craig sent this problem: “You are given: P = $4,000, r = 9%, n = 60 mos., and R = $83.03 On an amortized loan, and then you refinance after 12 months. What is the new monthly payment?” (a)What have you already paid? (b)What did you owe, with interest? (c)What is now owed? (d)What is the new payment? (Assuming 60 months at 9% again.)

2 Craig sent this problem: You are given: P = $4,000, r = 9%, n = 60 mos., and R = $83.03 On an amortized loan, and then you refinance after 12 months. What is the new monthly payment? Solve for R:

3

Download ppt "Craig sent this problem: “You are given: P = $4,000, r = 9%, n = 60 mos., and R = $83.03 On an amortized loan, and then you refinance after 12 months."

Similar presentations

Example 5 Home Mortgage Chapter 5.6 A couple that wants to purchase a home with a price of $230,000 has $50,000 for a down payment. If they can get a 25-year.

Example 5 Home Mortgage Chapter 5.6 A couple that wants to purchase a home with a price of $230,000 has $50,000 for a down payment. If they can get a 25-year.
Building an Amortization Schedule How the banks do it and what we need to know…

Building an Amortization Schedule How the banks do it and what we need to know…
ADVANCED PROGRAMME MATHEMATICS SECTION: FINANCE. LOANS EXAMPLE 1 A home loan of R600 000 is amortized over a period of 20 10,5% p.a. compounded.

ADVANCED PROGRAMME MATHEMATICS SECTION: FINANCE. LOANS EXAMPLE 1 A home loan of R is amortized over a period of 20 10,5% p.a. compounded.
Amortization. Formulas Simple Interest Amortized Loan Formula.

Amortization. Formulas Simple Interest Amortized Loan Formula.
6-3 6-4 Graphing Sine and Cosine. Periodic function: A function which has a graph that repeats itself identically over and over as it is followed from.

Graphing Sine and Cosine. Periodic function: A function which has a graph that repeats itself identically over and over as it is followed from.
Mr. Weiss Section 3 – Module 21

Mr. Weiss Section 3 – Module 21
Econ 134A Test 1 Spring 2012 Solution sketches. Lyric Music National Bank Lyric loans $360,000 from Music National Bank today. The stated annual interest.

Econ 134A Test 1 Spring 2012 Solution sketches. Lyric Music National Bank Lyric loans $360,000 from Music National Bank today. The stated annual interest.
Debt 1. Interest rate: Annual Percentage Rate APR 2.

Debt 1. Interest rate: Annual Percentage Rate APR 2.
Credit Card Payments What is the balance? What is the annual interest rate? What is your monthly payment?

Credit Card Payments What is the balance? What is the annual interest rate? What is your monthly payment?
Fixed Rate and Fixed Duration Loans You need to know three things about a fixed rate, fixed duration loan: How much do you need to borrow? What is the.

Fixed Rate and Fixed Duration Loans You need to know three things about a fixed rate, fixed duration loan: How much do you need to borrow? What is the.
Why is the time value of money an important concept in financial planning?

Why is the time value of money an important concept in financial planning?
Your Money and Your Math

Your Money and Your Math
Example 4 Loan Repayment Chapter 4.3 A business property is purchased with a promise to pay off a $60,000 loan plus the $16,500 interest on this loan by.

Example 4 Loan Repayment Chapter 4.3 A business property is purchased with a promise to pay off a $60,000 loan plus the $16,500 interest on this loan by.
Three Types of Percent Problems Day 2. 60 = 24.40 Examples: Find 40% of 60 20% of 90.20 90 = 18 Write a mathematical sentence Click.

Three Types of Percent Problems Day = Examples: Find 40% of 60 20% of = 18 Write a mathematical sentence Click.
MATH 102 Contemporary Math S. Rook

MATH 102 Contemporary Math S. Rook
8-6 Simple Interest Indicator  N8 Develop and analyze algorithms for computing with percents and demonstrate fluency in use. Pages 358-360.

8-6 Simple Interest Indicator  N8 Develop and analyze algorithms for computing with percents and demonstrate fluency in use. Pages
Section 1.1, Slide 1 Copyright © 2014, 2010, 2007 Pearson Education, Inc. Section 8.5, Slide 1 Consumer Mathematics The Mathematics of Everyday Life 8.

Section 1.1, Slide 1 Copyright © 2014, 2010, 2007 Pearson Education, Inc. Section 8.5, Slide 1 Consumer Mathematics The Mathematics of Everyday Life 8.
Loans Paying back a borrowed amount (A n )in n regular equal payments(R), with interest rate i per time period is a form of present value annuity. Rewrite.

Loans Paying back a borrowed amount (A n )in n regular equal payments(R), with interest rate i per time period is a form of present value annuity. Rewrite.
Deriving the Present and Future Values Formulas Caroline Gallant MAT 123.

Deriving the Present and Future Values Formulas Caroline Gallant MAT 123.
Loop Exercise 1 Suppose that you want to take out a loan for $10,000, with 18% APR, and you're willing to make payments of $1,200/month. How long will.

Loop Exercise 1 Suppose that you want to take out a loan for $10,000, with 18% APR, and you're willing to make payments of $1,200/month. How long will.

Similar presentations

Ads by Google