


MATH110Test4Review5 6.pptx
MATH110Test4Review5_6.pptx
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MATH110Test4Review5 6.pptxEnre Formula List for ...
MATH110Test4Review5_6.pptxEnre Formula List for Test 1.
MATH110Test4Review5 6.pptxEnre Fo...
MATH110Test4Review5_6.pptxEnre Formula List for Test 1.
Page 25
24.
=
$
19000
[
0.06
12
1
−
(
1
+
0.06
12
)
−
12
(
5
)
]
Also, go ahead and
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 fracon.
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
Page 26
25.
Page 27
26.
Page 28
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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