determine the difference between the monthly payments on a $120,000
1. determine the difference between the monthly payments on a $120,000 home at 61∕2% and at 8% for 25 years
$140.10 per month
Cash price: $5,600
Down payment: $0
Cash or trade months with bank-approved credit; amount financed: $5,600
Finance charge: $2,806
Total payments: $8,406
What is the APR by table lookup?
2. Joe Sullivan invests $9,000 at the end of each year for 20 years. The rate of interest Joe gets is 8%
annually. Using the tables in the Business Math Handbook that accompanies the course textbook,
determine the final value of Joe’s investment at the end of the 20th year on this ordinary annuity.
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