Q1: On your calculator, find (round
final answer to 2 decimal places)
2 1− 1+
1 − 1.005−240
𝑄2: 125000 = 𝑅
Q3: Ms. Rigsby made a $40,000 down payment on a $165,000 house and took
out a 20 year mortgage (at 6% compounded monthly) on the balance. How much
will the monthly payments be? [We know now that R = $895.54.]
Ms. Smith buys a car for $20300. She
makes payments at the end of each
month for 6 years & pays 9.65% interest
compounded monthly. What is the
amount of each payment?
Find the total amount of interest Ms.
Smith will pay. (We know that she
paid $372.50 monthly for 6 years and
that the car price was $20300.00)
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