Prob. 1

Bill has taken out an amortized loan for $20,000 to buy a boat. The loan has an annual interest rate of 16%, which is compounded monthly, and he will be paying it with monthly payments over eight years. What is his monthly payment?

Prob. 2

The Jones family is buying a new house at the price of $165,000. They will finance it with a twenty-year mortgage that has an interest rate of 8%. You may reference the table below for all parts of this Problem.

(a)Assuming that the family can make a $39,000 down payment, what will their monthly mortgage payment be?

(b)If the family could increase the down payment by $10,000,then how much would their monthly mortgage payment be?

(c)In total, how much money can the family save by making the larger down payment?

Prob. 3

At Texas Tech University, a housing board represents the residents of Knapp, Horn, and Bledsoe Halls. The board is to have seven members. The table of Huntington-Hill numbers for each Hall is provided below. List the order in which the board will be apportioned.

Prob 4.

Suppose that Rhode Island has a population of 1,023,948 people with nineteen representatives. Suppose that North Dakota has a population of 782,505 people with fifteen representatives.

(a)Determine the average constituency for each State.

(b)Determine which State is more poorly represented. Justify your answer.

(c)Determine the relative unfairness of this apportionment.