($ 453,411.

77)

($ 660,928.66)

cost

Period
PMT
Interest

$ 360,000.00
$ 72,000.00
$ 288,000.00
($ 1,590.35)

17
1,000.00
3.50%
($ 22,705.02)

12,000.00
6%
35
$ 173,978.96

12933

($ 1,095,425.48)
$ 12,933

mortgage
period
Interest

$ 200,000.00
$ 180,000.00
15
180
10%
0.83%

periodo
years
months
anual
monthly

saldo inicial
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

180,000.00
179,565.71
179,127.80
178,686.24
178,241.01
177,792.06
177,339.37
176,882.91
176,422.65
175,958.55
175,490.58
175,018.71
174,542.91
174,063.14
173,579.38
173,091.59
172,599.73
172,103.77
171,603.68
171,099.42
170,590.96
170,078.26
169,561.29
169,040.01
168,514.39
167,984.39

interes
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,500.00
1,496.38
1,492.73
1,489.05
1,485.34
1,481.60
1,477.83
1,474.02
1,470.19
1,466.32
1,462.42
1,458.49
1,454.52
1,450.53
1,446.49
1,442.43
1,438.33
1,434.20
1,430.03
1,425.83
1,421.59
1,417.32
1,413.01
1,408.67
1,404.29
1,399.87

27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

167,449.97
166,911.10
166,367.73
165,819.84
165,267.38
164,710.32
164,148.62
163,582.23
163,011.13
162,435.27
161,854.61
161,269.11
160,678.73
160,083.43
159,483.16
158,877.90
158,267.59
157,652.20
157,031.68
156,405.99
155,775.08
155,138.92
154,497.46
153,850.64
153,198.44
152,540.81
151,877.69
151,209.05
150,534.84
149,855.01
149,169.51
148,478.30
147,781.33
147,078.55
146,369.91
145,655.38
144,934.88
144,208.38
143,475.83
142,737.17
141,992.36
141,241.34
140,484.06
139,720.47
138,950.52
138,174.15
137,391.31

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,395.42
1,390.93
1,386.40
1,381.83
1,377.23
1,372.59
1,367.91
1,363.19
1,358.43
1,353.63
1,348.79
1,343.91
1,338.99
1,334.03
1,329.03
1,323.98
1,318.90
1,313.77
1,308.60
1,303.38
1,298.13
1,292.82
1,287.48
1,282.09
1,276.65
1,271.17
1,265.65
1,260.08
1,254.46
1,248.79
1,243.08
1,237.32
1,231.51
1,225.65
1,219.75
1,213.79
1,207.79
1,201.74
1,195.63
1,189.48
1,183.27
1,177.01
1,170.70
1,164.34
1,157.92
1,151.45
1,144.93

74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

136,601.95
135,806.01
135,003.44
134,194.18
133,378.18
132,555.37
131,725.71
130,889.14
130,045.59
129,195.01
128,337.35
127,472.54
126,600.52
125,721.24
124,834.62
123,940.62
123,039.17
122,130.21
121,213.67
120,289.50
119,357.62
118,417.98
117,470.50
116,515.14
115,551.81
114,580.45
113,601.00
112,613.38
111,617.54
110,613.39
109,600.88
108,579.94
107,550.48
106,512.44
105,465.76
104,410.35
103,346.15
102,273.08
101,191.06
100,100.03
98,999.91
97,890.62
96,772.09
95,644.23
94,506.98
93,360.25
92,203.96

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,138.35
1,131.72
1,125.03
1,118.28
1,111.48
1,104.63
1,097.71
1,090.74
1,083.71
1,076.63
1,069.48
1,062.27
1,055.00
1,047.68
1,040.29
1,032.84
1,025.33
1,017.75
1,010.11
1,002.41
994.65
986.82
978.92
970.96
962.93
954.84
946.67
938.44
930.15
921.78
913.34
904.83
896.25
887.60
878.88
870.09
861.22
852.28
843.26
834.17
825.00
815.76
806.43
797.04
787.56
778.00
768.37

121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

91,038.04
89,862.40
88,676.96
87,481.65
86,276.37
85,061.05
83,835.60
82,599.94
81,353.99
80,097.65
78,830.84
77,553.47
76,265.46
74,966.72
73,657.15
72,336.67
71,005.19
69,662.61
68,308.84
66,943.80
65,567.37
64,179.48
62,780.02
61,368.89
59,946.01
58,511.27
57,064.58
55,605.83
54,134.92
52,651.76
51,156.23
49,648.24
48,127.69
46,594.46
45,048.46
43,489.58
41,917.70
40,332.73
38,734.54
37,123.04
35,498.11
33,859.64
32,207.51
30,541.62
28,861.84
27,168.07
25,460.18

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

758.65
748.85
738.97
729.01
718.97
708.84
698.63
688.33
677.95
667.48
656.92
646.28
635.55
624.72
613.81
602.81
591.71
580.52
569.24
557.86
546.39
534.83
523.17
511.41
499.55
487.59
475.54
463.38
451.12
438.76
426.30
413.74
401.06
388.29
375.40
362.41
349.31
336.11
322.79
309.36
295.82
282.16
268.40
254.51
240.52
226.40
212.17

168
169
170
171
172
173
174
175
176
177
178
179
180

Saldo inicial
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

16,000.00
15,704.24
15,407.00
15,108.27
14,808.06
14,506.34
14,203.11
13,898.36
13,592.09
13,284.29
12,974.95
12,664.07
12,351.63
12,037.63
11,722.05
11,404.90
11,086.17
10,765.84
10,443.91
10,120.37
9,795.21
9,468.42

Interes
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

Abono
80.00
78.52
77.04
75.54
74.04
72.53
71.02
69.49
67.96
66.42
64.87
63.32
61.76
60.19
58.61
57.02
55.43
53.83
52.22
50.60
48.98
47.34

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

295.76
297.24
298.73
300.22
301.72
303.23
304.74
306.27
307.80
309.34
310.89
312.44
314.00
315.57
317.15
318.74
320.33
321.93
323.54
325.16
326.78
328.42

$
$
$
$
$
$
$
$
$
$
$
$
$

23,738.06
22,001.59
20,250.65
18,485.11
16,704.87
14,909.78
13,099.74
11,274.62
9,434.28
7,578.61
5,707.48
3,820.75
1,918.30

Cuota
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

375.76
375.76
375.76
375.76
375.76
375.76
375.76
375.76
375.76
375.76
375.76
375.76
375.76
375.76
375.76
375.76
375.76
375.76
375.76
375.76
375.76
375.76

$
$
$
$
$
$
$
$
$
$
$
$
$

197.82
183.35
168.76
154.04
139.21
124.25
109.16
93.96
78.62
63.16
47.56
31.84
15.99

Saldo Final
$ 16,000.00
$ 15,704.24
$ 15,407.00
$ 15,108.27
$ 14,808.06
$ 14,506.34
$ 14,203.11
$ 13,898.36
$ 13,592.09
$ 13,284.29
$ 12,974.95
$ 12,664.07
$ 12,351.63
$ 12,037.63
$ 11,722.05
$ 11,404.90
$ 11,086.17
$ 10,765.84
$ 10,443.91
$ 10,120.37
$ 9,795.21
$ 9,468.42
$ 9,140.00

23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

9,140.00
8,809.94
8,478.23
8,144.86
7,809.83
7,473.12
7,134.72
6,794.63
6,452.85
6,109.35
5,764.14
5,417.20
5,068.52
4,718.11
4,365.94
4,012.00
3,656.30
3,298.83
2,939.56
2,578.50
2,215.63
1,850.95
1,484.44
1,116.10
745.92
373.89

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

45.70
44.05
42.39
40.72
39.05
37.37
35.67
33.97
32.26
30.55
28.82
27.09
25.34
23.59
21.83
20.06
18.28
16.49
14.70
12.89
11.08
9.25
7.42
5.58
3.73
1.87

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

330.06
331.71
333.37
335.04
336.71
338.39
340.09
341.79
343.50
345.21
346.94
348.67
350.42
352.17
353.93
355.70
357.48
359.27
361.06
362.87
364.68
366.51
368.34
370.18
372.03
373.89

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

375.76
375.76
375.76
375.76
375.76
375.76
375.76
375.76
375.76
375.76
375.76
375.76
375.76
375.76
375.76
375.76
375.76
375.76
375.76
375.76
375.76
375.76
375.76
375.76
375.76
375.76

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

8,809.94
8,478.23
8,144.86
7,809.83
7,473.12
7,134.72
6,794.63
6,452.85
6,109.35
5,764.14
5,417.20
5,068.52
4,718.11
4,365.94
4,012.00
3,656.30
3,298.83
2,939.56
2,578.50
2,215.63
1,850.95
1,484.44
1,116.10
745.92
373.89
(0.00)

abono
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

cuota
434.29
437.91
441.56
445.24
448.95
452.69
456.46
460.26
464.10
467.97
471.87
475.80
479.76
483.76
487.79
491.86
495.96
500.09
504.26
508.46
512.70
516.97
521.28
525.62
530.00
534.42

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29

saldo final
$ 180,000.00
$ 179,565.71
$ 179,127.80
$ 178,686.24
$ 178,241.01
$ 177,792.06
$ 177,339.37
$ 176,882.91
$ 176,422.65
$ 175,958.55
$ 175,490.58
$ 175,018.71
$ 174,542.91
$ 174,063.14
$ 173,579.38
$ 173,091.59
$ 172,599.73
$ 172,103.77
$ 171,603.68
$ 171,099.42
$ 170,590.96
$ 170,078.26
$ 169,561.29
$ 169,040.01
$ 168,514.39
$ 167,984.39
$ 167,449.97

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

538.87
543.36
547.89
552.46
557.06
561.70
566.38
571.10
575.86
580.66
585.50
590.38
595.30
600.26
605.26
610.31
615.39
620.52
625.69
630.91
636.16
641.46
646.81
652.20
657.64
663.12
668.64
674.21
679.83
685.50
691.21
696.97
702.78
708.63
714.54
720.49
726.50
732.55
738.66
744.81
751.02
757.28
763.59
769.95
776.37
782.84
789.36

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

166,911.10
166,367.73
165,819.84
165,267.38
164,710.32
164,148.62
163,582.23
163,011.13
162,435.27
161,854.61
161,269.11
160,678.73
160,083.43
159,483.16
158,877.90
158,267.59
157,652.20
157,031.68
156,405.99
155,775.08
155,138.92
154,497.46
153,850.64
153,198.44
152,540.81
151,877.69
151,209.05
150,534.84
149,855.01
149,169.51
148,478.30
147,781.33
147,078.55
146,369.91
145,655.38
144,934.88
144,208.38
143,475.83
142,737.17
141,992.36
141,241.34
140,484.06
139,720.47
138,950.52
138,174.15
137,391.31
136,601.95

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

795.94
802.57
809.26
816.00
822.80
829.66
836.57
843.55
850.58
857.66
864.81
872.02
879.28
886.61
894.00
901.45
908.96
916.54
924.18
931.88
939.64
947.47
955.37
963.33
971.36
979.45
987.61
995.84
1,004.14
1,012.51
1,020.95
1,029.46
1,038.04
1,046.69
1,055.41
1,064.20
1,073.07
1,082.01
1,091.03
1,100.12
1,109.29
1,118.53
1,127.86
1,137.25
1,146.73
1,156.29
1,165.92

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

135,806.01
135,003.44
134,194.18
133,378.18
132,555.37
131,725.71
130,889.14
130,045.59
129,195.01
128,337.35
127,472.54
126,600.52
125,721.24
124,834.62
123,940.62
123,039.17
122,130.21
121,213.67
120,289.50
119,357.62
118,417.98
117,470.50
116,515.14
115,551.81
114,580.45
113,601.00
112,613.38
111,617.54
110,613.39
109,600.88
108,579.94
107,550.48
106,512.44
105,465.76
104,410.35
103,346.15
102,273.08
101,191.06
100,100.03
98,999.91
97,890.62
96,772.09
95,644.23
94,506.98
93,360.25
92,203.96
91,038.04

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,175.64
1,185.44
1,195.31
1,205.28
1,215.32
1,225.45
1,235.66
1,245.96
1,256.34
1,266.81
1,277.37
1,288.01
1,298.74
1,309.57
1,320.48
1,331.48
1,342.58
1,353.77
1,365.05
1,376.42
1,387.89
1,399.46
1,411.12
1,422.88
1,434.74
1,446.70
1,458.75
1,470.91
1,483.16
1,495.52
1,507.99
1,520.55
1,533.23
1,546.00
1,558.89
1,571.88
1,584.98
1,598.18
1,611.50
1,624.93
1,638.47
1,652.13
1,665.89
1,679.78
1,693.77
1,707.89
1,722.12

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

89,862.40
88,676.96
87,481.65
86,276.37
85,061.05
83,835.60
82,599.94
81,353.99
80,097.65
78,830.84
77,553.47
76,265.46
74,966.72
73,657.15
72,336.67
71,005.19
69,662.61
68,308.84
66,943.80
65,567.37
64,179.48
62,780.02
61,368.89
59,946.01
58,511.27
57,064.58
55,605.83
54,134.92
52,651.76
51,156.23
49,648.24
48,127.69
46,594.46
45,048.46
43,489.58
41,917.70
40,332.73
38,734.54
37,123.04
35,498.11
33,859.64
32,207.51
30,541.62
28,861.84
27,168.07
25,460.18
23,738.06

$ 91,038.04
$ 90,424.20
$ 614

$
$
$
$
$
$
$
$
$
$
$
$
$

1,736.47
1,750.94
1,765.53
1,780.25
1,795.08
1,810.04
1,825.12
1,840.33
1,855.67
1,871.13
1,886.73
1,902.45
1,918.30

$
$
$
$
$
$
$
$
$
$
$
$
$

1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29
1,934.29

$
$
$
$
$
$
$
$
$
$
$
$
$

22,001.59
20,250.65
18,485.11
16,704.87
14,909.78
13,099.74
11,274.62
9,434.28
7,578.61
5,707.48
3,820.75
1,918.30
(0.00)

($ 8,478.23)

pago

$ 368.17
$ 8.68

($ 8,478.23)

$ 376.85
$

(1.09)

$ 368.17
$ 25
$ 8.68
$ 376.85
$ 1.09
$ 25

4%
0.00333333

(15 points) You are interested in a new Ford Taurus. After visiting your Ford dealer, doing your research on the bes
cash and receive a $1,500 cash rebate from Dealer A. The price of the car is $15,000. (ii) Lease the car from Deale
month for each of the next 36 months (the first $200 payment occurs 1 month from today). After 36 months you ma
lend you the entire purchase price of the car for a zero interest 36-month loan with monthly payments. The car price
cost today of the cheapest option?

A.

13500

B.

0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37

C
500
200
200
200
200
200
200
200
200
200
200
200
200
200
200
200
200
200
200
200
200
200
200
200
200
200
200
200
200
200
200
200
200
200
200
200
200
8000

$ 13,726.10

er, doing your research on the best leases available, you have three options. (i) Purchase the car for
,000. (ii) Lease the car from Dealer B. Under this option, you pay the dealer $500 now and $200 a
m today). After 36 months you may buy the car for $8,000. (iii) Purchase the car from Dealer C who will
h monthly payments. The car price is $15,000. Suppose the market interest rate is 6%. What is the net