Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman

تمرين 69

Chuck Wells is planning to buy a Winnebago motor home. The listed price is $165,000. Chuck can get a secured loan from his bank at 7.25% for as long as 60 months if he pays 15% down. Chuck's goal is to keep his payments below $3,800 per month and amortize the loan in 42 months.
a. Can he pay off the loan in 42 months and keep his payments under $3,800
c. What are Chuck's options to get his payments closer to his goal
d. Chuck spoke with his bank's loan officer, who has agreed to finance the deal with a 6.95%loanif Chuck can pay 20% down. Will these conditions meet Chuck's goal
e. Chuck tells the seller he cannot buy the motor home at the listed price. If the seller agreesto reduce the listed price by $4,600 and Chuck pays the 20% down, will Chuck meet his goal