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The following table shows annual rates for various types of loans in 2015. Assume monthly payments and compounding periods. HINT [See Examples 5 and 7.]
The following table shows annual rates for various types of loans in 2015. Assume monthly payments and compounding periods. HINT [See Examples 5 and 7.]
| Loan Type | 30-Year Mortgage | 15-Year Mortgage | 5-Year Car Loan | 4-Year Car Loan | Credit Cards |
|---|---|---|---|---|---|
| October Rate (%) | 3.93 | 3.14 | 4.30 | 4.24 | 13.10 |
| November Rate (%) | 4.09 | 3.31 | 4.31 | 4.26 | 13.10 |
| December Rate (%) | 4.09 | 3.34 | 4.34 | 4.29 | 13.10 |
Twelve years into your 15-year $300,000 mortgage begun in October 2015, you inherit your rich uncle's estate and decide to pay off the outstanding principal on your mortgage. What is that amount? (Do not round the payment amount to the nearest cent. Round the final outstanding principal to the nearest cent.)
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1st Edition
0409950653, 978-0409950656
