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# Note for MATH 1313 with Professor Ahmed-Zaid at UH amortization and shrinking funds

Marketplace > University of Houston > Note for MATH 1313 with Professor Ahmed Zaid at UH amortization and shrinking funds

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## About this Document

COURSE
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TYPE
Class Notes
PAGES
4
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KARMA
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This 4 page Class Notes was uploaded by an elite notetaker on Friday February 6, 2015. The Class Notes belongs to a course at University of Houston taught by a professor in Fall. Since its upload, it has received 14 views.

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Date Created: 02/06/15
93 SNJQQ AM Section 53 Amortization and Sinking Funds M W To Amortize means to pay off a debt by installment payments The periodic payment on a loan of P dollars to be amortized over n periods With 39 interest charged at the rate of 139 per period is k 513 K r f h lt llINC A fund that is set up for a speci c purpose at some future date is called a sinking fund Sinking Fund Willa Tarbmk V6HK S The periodic payment required to accumulate a sum of S dollars over n periods With interest charged at the rate of 139 per period is 1 h g zzmx Q a L Example 1 Kelly Wishes to buy a car that costs 32998 The car dealer tells her that they can nance the car at 625 per year compounded monthly for 5 ears She decides 7 39 to secure the loan from the dealer 39v v v w in a w a 1m gnu n w 39 is 53 liquot71 GMTE m ia EGOWE Merit IZEJ 3 LE E E E A E E E 603961583125 1353 126M E cm Wc m g39wKi39j wa Tairjtl V5M glimow Example 2 A person would like tm in an account for retirement 15 years from now km N M l l39 i 1H w inanaccount paying 6 per year compounded quarterly to obtaj w u k TcS gt WL 5n ml QK Q H o 03906 Z 4 gm Example 3 A sailboat costs 16000 You pay 15 down and secure aloan for the remaining balance How much are your monthly payments if 18 per year compounded monthlyis chargedover aperiodof6 years o 3 tzkk 05w V W mm 9 o i I m 3 J 39MQmQ iQQoO lt go 2 GQO E gtQQ Vh9quot7 kggy f f Lg m igt 2 11 kmsv39l iiwl m K P Q 39 650 I 6A3 5 1 Lt MA 72 Section 53 7 Amortizations and Sinking Funds 2 393 WAN 3 75 lt Example 4 Christina plans to go to DisneyWorld in two summers and Wishes to have 7000 by then How much money should she deposit monthly for the next 2 years in an account paying 325 per year compounded monthly to achieve this goal m 2 3 k lyrg 3A all 351M mush 09325 K EM 43 3 l W 4 0 a 0 p Section 53 iAmortizations and Sinking Funds 3

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