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Published bySteven Cummings Modified over 4 years ago

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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.]

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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?

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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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