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1- Larry Davis borrows $73,000 at 12 percent interest toward the purchase of a home. His mortgage is for 30 years.
1- Larry Davis borrows $73,000 at 12 percent interest toward the purchase of a home. His mortgage is for 30 years. Use Appendix D for an approximate answer, but calculate your final answer using the formula and financial calculator methods.
a. How much will his annual payments be? (Although home payments are usually on a monthly basis, we shall do our analysis on an annual basis for ease of computation. We will get a reasonably accurate answer.)
b.
c.
Appendix C
a.
b.
Al Rosen invests $23,000 in a mint condition 1952 Mickey Mantle Topps baseball card. He expects the card to increase in value 11 percent per year for the next 12 years.
How much will his card be worth after 12 years? Use Appendix A for an approximate answer, but calculate your final answer using the formula and financial calculator methods.
4- Appendix D
a.
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Appendix BAppendix D
a.
b.
a.
b.
c.
d. in
Appendix A
a.
b.
c.
d.
a.
b.
Appendix AAppendix C
