I'm a college student taking Math 1332, our teacher gave us an assessment with multiple sections, and I currently got stuck on the last one, the answer I'm stuck on is in bold lettering. I'm also going to attach a pic of the paper in case I misspelled anything. On question D, I don't understand it because of the wording I believe.
My math problem is .. Suppose you have a 60,000 loan with an annual percentage rate of 8% for 25 years?
a. What are your required monthly payments and I put it in the TVM solver in the calculator and I got 463.09.
b. Suppose you pay off the loan in 15 years rather than 25, what are the required monthly payments? Again I put it in the TVM solver on a TI- 84 calculators, same information I just changed the years and I got 573.391.
c. Compare the total amounts you pay over the loan term for the two scenarios.
Loan 1: 25 x 12 x 463.09= 138,927
Loan 2: 15 x 12 x 573.39= 103,210.2
d. What would be the effect of paying the required monthly rate and an additional 100 each month on the cost of the two loans?
Extracted text: DS GID# G00 Save Draft Enail she GEN ED ASSESSMENT: MATH 1332 MATH 1332 (ud check Suppose you have a $60,000 loan with an annual percentage rate of 8% for 25 years. What are your required monthly payments? а. Vequreed monthly is PV=la0,000 N 25+12 USe APP 03.089 PMT- O 403.09 FV O b. Suppose you pay off the loan in 15 years, rather than 25. What are the required monthly payments? 573. 39 573.391 Compare the total amounts you pay over the loan term for the two с. scenarios. Senterices gher thar 3 Loan 25x 12 ansaver to A 138,927 103,210.2 Loan 2 1S x2x ansuer to B C6mpore d. What would be the effect of paying the required monthly rate and an additional $100 each month on the cost of the two loan? Page 1 Sentence Jentenes