Answered step by step
Verified Expert Solution
Question
1 Approved Answer
John takes a loan to buy a house, the borrowing amount is $376,489, and the annual percentage rate (APR) is fixed to be 3.43% for
John takes a loan to buy a house, the borrowing amount is $376,489, and the annual percentage rate (APR) is fixed to be 3.43% for 30 years, monthly interest rate (1+3.43/100)^(1/12)-1. He pays monthly with a fixed value, calculate the total amount John has to pay in 30 years. $. _.4 sig. figures in exponential format, e.g. 3.543e5 meaning 3.543x105,-4.321E-3 meaning -4.321x10-3... The default format is the normal format. If not mentioned, use normal format. You can search for an equation, or solve numerically, or search an online loan calculator. 10% error is allowed. QUESTION 5 (continue last) If John takes a loan $59,168 and paying total amount $189,510 in 30 years, what is the APR he got from the offer? %. 3 sig. figures normal format. Time unit in year for APR if you solving numerically. You can search for an equation, or solve numerically, or search an online loan calculator. 20% error is allowed. With 20% uncertainty level, you can try to guess the rate for a few time to get an acceptable value from the same method you used for the last question. John takes a loan to buy a house, the borrowing amount is $376,489, and the annual percentage rate (APR) is fixed to be 3.43% for 30 years, monthly interest rate (1+3.43/100)^(1/12)-1. He pays monthly with a fixed value, calculate the total amount John has to pay in 30 years. $. _.4 sig. figures in exponential format, e.g. 3.543e5 meaning 3.543x105,-4.321E-3 meaning -4.321x10-3... The default format is the normal format. If not mentioned, use normal format. You can search for an equation, or solve numerically, or search an online loan calculator. 10% error is allowed. QUESTION 5 (continue last) If John takes a loan $59,168 and paying total amount $189,510 in 30 years, what is the APR he got from the offer? %. 3 sig. figures normal format. Time unit in year for APR if you solving numerically. You can search for an equation, or solve numerically, or search an online loan calculator. 20% error is allowed. With 20% uncertainty level, you can try to guess the rate for a few time to get an acceptable value from the same method you used for the last
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started