Question

What are the required monthly payments for the loans with the following sets of terms:

1. 20-year, 6.25% APR, loan of $82,725
2. 4-year, 1.9% APR, loan of $12,600
3. 10-year, 5.6% APR, loan of $28,000
4. 30-year, 5.45% APR, loan of $189,700
5. 5-year, 6.9% APR, loan of $18,600
6. 10-year, 5.2% APR, loan of $34,000
7. What nickname for "money" was discussed in one of your class handouts?
8. A group of students proposed to me the following equation: personal freedom = (money)x(free time). Explain either an improvement to that equation, or propose and explain another equation for "personal freedom."

Answer 1

1 Period APR Monthly payment 604.66 272.81 305.26 1,071.15 367.43 363.96 Loan 20 6.25% 82725 1.90% 12600 10 5.60% 28000 30 5.45% 189700 5 6.90% 18600 10 5.20% 34000 4