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Actuarial Method Gino Sedillo borrowed $7500. To repay the

A Survey of Mathematics with Applications | 9th Edition | ISBN: 9780321759665 | Authors: Allen R. Angel, Christine D. Abbott, Dennis C. Runde ISBN: 9780321759665 194

Solution for problem 874 Chapter 11

A Survey of Mathematics with Applications | 9th Edition

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A Survey of Mathematics with Applications | 9th Edition | ISBN: 9780321759665 | Authors: Allen R. Angel, Christine D. Abbott, Dennis C. Runde

A Survey of Mathematics with Applications | 9th Edition

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Problem 874

Actuarial Method Gino Sedillo borrowed $7500. To repay the loan, he was scheduled to make 36 monthly installment payments of $223.10. Instead of making his 24th payment, Gino decides to pay off the loan. a) Determine the APR of the installment loan. b) How much interest will Gino save (use the actuarial method)? c) What is the total amount due to pay off the loan?

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CHAPTER​ ​6​ : ​ ​ ACTORIALS,​ ​HAMILTON,​ ​KN,​ ​AND​ A ​ LGORITHMS Factorials - If​ ​you​ ​want​ ​to​ ​write​ ​something​ ​as​ ​a​ ​factorial​ ​write​ ​the​ ​number​ ​“x”​ ​and​ ​then​ ​add​ ​“!” - Ex.​​ ​Let’s​ ​say​ ​the​ ​number​ ​is​ ​5…​ ​5​ ​factorial​ ​is​ ​written​ ​as​ ​5! - How​ ​do​ y​ ou​ ​solve​ ​it - By​ ​Hand​​ ​:​ ​5​ ​x​ ​4​ ​x​ ​3​ ​x​ ​2​ ​x​ ​1​ ​=​ ​120 - This​ ​step​ ​​ UST​ ​BE​ ​DONE​ I ​ N​ ​DESCENDING​ O ​ RDER - By​ ​Calculator​ ​(TI-84​ ​Plus)​​ ​:​ ​Enter​ ​the​ ​number​ ​you​ ​are​ ​solving​ ​for,​ ​go​ ​up the​ ​button​ ​set​ ​and​ ​find​ ​the​ ​“math”​ ​button​ ​and​ ​press​ ​it,​ ​and​ ​then​ ​a​ ​menu

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Chapter 11, Problem 874 is Solved
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Textbook: A Survey of Mathematics with Applications
Edition: 9
Author: Allen R. Angel, Christine D. Abbott, Dennis C. Runde
ISBN: 9780321759665

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Actuarial Method Gino Sedillo borrowed $7500. To repay the