Mathematics 105 - TVM Solver Worksheet 2 Names Eor each of the following problems, identify all values used on your calculator. Place the word SOLVE in the blank for the variable for which you need to solve. Then give the answer for that unknown value in the open space provided. ALSO, calculate the amount of interest earned (or paid) or each problem (1) Farm Bank recently offered an opportunity to get a loan to finance a tractor you need at a rate of 2.3% compounded monthly. If you borrow $12,000 and plan on paying off the loan in three years, what will your monthly payment be? Calculate all values to the nearest cent. N PV = PMT FV = P/Y c/Y MONTHLY PAYMENT: INTEREST PAID: (2) If you buy a computer directly from the manufacturer for $1237.48 and agree to repay it in 48 equal installments at 1.7% interest per month on the unpaid balance, how much are your monthly payments? How much total interest will be paid? N 19 PV = PMT = FV = P/Y - C/Y MONTHLY PAYMENT: INTEREST PAID: (3) Some friends tell you that they paid $20.000 down on a new house and are to pay $990 per month for 30 years. If their loan has a fixed interest rate of 4.5% compounded monthly, what was the selling price of the house? (Round to the nearest dollar.) How much interest will they pay over the 30-year period? NE 1% PV = PMT FV = P/Y = C/Y = SELLING PRICE: INTEREST PAID