MATH110Test4Review5 6.pptx-Enre Formula...
MATH110Test4Review5_6.pptx-Enre Formula List for Test 1.
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MATH110Test4Review5 6.pptx-Enre Fo...
MATH110Test4Review5_6.pptx-Enre Formula List for Test 1.
##### Page 25
24.

=
\$
19000
[
0.06
12
1
(
1
+
0.06
12
)
12
(
5
)
]
compute -12 x 5 (=60)

=
\$
19000
[
(
0.0 6
12
)
(
1
(
1
+
0.0 6
12
)
60
)
]
PMT = \$367.32
Remember to insert
NUM and DEN
parentheses when dealing
with a complex fracon.
amount of the loan
is the annual interest rate (APR)
is the number of compounding periods/year
is the me (IN YEARS)

=
[
1
(
1
+
)

]
Payment Formula for an APR Loan
KEY
STROKES: 19000
.06
12
1
1
.06
12
60

25.

26.

27.

##### Page 29
28.
PMT = \$2153.35
Insert NUM and DEN
parentheses and
calculate -12 x 15.
KEY
STROKES:
223300
.0815
12
1
1
.0815
12
180
Monthly payment for a mortgage
A
is the amount of the mortgage
r
is the annual interest rate
n
is the number of payments/yr (
n
=12 for monthly)

##### Page 30
29.
Insert NUM and DEN
parentheses and
calculate -12 x 30.
PMT = \$1480.55
KEY STROKES:
198000
.082
12
1
1
.082
12
360
A
is the amount of the mortgage
r
is the annual interest rate
n
is the # of payments/yr
(
n
=12 for monthly)

##### Page 31
30.
First ﬁnd the down payment:
\$

.

=
¿
\$

Next ﬁnd the mortgage amount:
\$

−\$

=
¿
\$

PMT = \$1665.62
Next ﬁnd the monthly payment:
Now use the simple interest formula to ﬁnd the interest paid on the 1
st
month’s payment:
=

¿
185310
(
0.07
)(
1
12
)
Note:
1 mo. = 1/12 yr.
¿
18531
(
0.07
)/
12
¿
\$
1080.98
Finally, ﬁnd the amount of 1st payment applied to principal:
\$
1665.62
−\$
1080.98
=
¿
\$
584.64
KEY
STROKES: 185310
.07
12
1
1
.07
12
180
Insert NUM and DEN
parentheses and
calculate -12 x 15.
1080.98
584.64
A
is the amount of the mortgage
r
is the annual interest rate
n
is the # of payments/yr (
n
=12 for monthly)

##### Page 32
31.
Find the monthly property tax bill (by dividing the annual total by 12)
:
\$968 / 12 =
\$80.67
Find the monthly ﬁre insurance bill (by dividing the annual total by 12)
:
\$498 / 12 =
\$41.50
So the total monthly payment is:
First, let’s calculate the monthly mortgage
payment
A
is the amount of the mortgage
r
is the annual interest rate
n
is the number of payments/yr (
n
=12 for monthly)
Insert NUM and DEN
parentheses and
calculate -12 x 30.
KEY
STROKES:
193000
.078
12
1
1
.078
12
360
PMT = \$1389.35

##### Page 33
32.
Let x = the price of the house
So the minimum down payment is
0.11x
If you have saved \$16,000 for the down payment, then
0.11x = \$16000

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