Question
Tom has a 30-year home mortgage of $225,000 at a APR of 3.3%. He has a $20,000, 3-year car loan with an APR of 1.6%.
Tom has a 30-year home mortgage of $225,000 at a APR of 3.3%. He has a $20,000, 3-year car loan with an APR of 1.6%. Use your financial calculator.
1 How much is his monthly mortgage payment?
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2. What will be his total payments for the life of his $225,000 mortgage?
3. How much is his monthly car payment? Please fill in the boxes below:
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4. What will his total payments be for his $20,000 car loan?
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Contemporary Financial Management
Authors: Don Cyr, Alfred Kahl, William Rentz, R. Moyer
1st Edition
017616992X, 978-0176169923
