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Automobiles are typically financed for four years with monthly payments made to the lending agency. Assume you will need to borrow $18 000 with 48 monthly payments at 6.5% annual interest.
a) If you decide to pay the loan off at the end of 10 months, what amount needed? At the end of 20 months? at the end of 40 months?
b) What is the cumulative interest paid in the first 12 payments? Second 12 payments? Third 12? Last 12?
c) Repeat parts (a), (b), and (c) assuming the rate in 8.5% instead of 6.5%. The amount borrowed remains the same.
e) Repeat (a), (b), and (c) assuming you find it necessary to borrow $20 000. Interest is still 6.5%.
f) What is the result if you borrow $20 000 and interest rate of 8.5%
Linear equations for the consumption and saving schedules take the general form: C = a + bY and S = - a + (1 - b)Y where C, S, and Y are consumption, saving, and national income, respectively. The constant a represents the vertical intercept.
Most restaurant customers tip according to a percentage rule - between 15 and 25 percent of the bill. Diners who have dinner and a $20 bottle of wine usually pay the same percentage of the bottle price as diners who order a $100 bottle.
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