Finding the sum of a Finite Geometric Series HSA.SSE.B.4 Grade Practice Test Questions TOC | Lumos Learning

Finding the sum of a Finite Geometric Series HSA.SSE.B.4 Question & Answer Key Resources Lumos StepUp ACT Practice Program - Mathematics

Lumos StepUp ACT Practice Program - Mathematics Finding the sum of a Finite Geometric Series

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Scott is going to buy a ski house in Vermont for $172,600. The formula for computing his mortgage payment is \(M=P\bullet \frac{r(1+r)^N}{(1+r)^N-1}\) where P is the Principal amount of the loan, r is the monthly interest rate and N is the number of monthly payments. Scott secures a monthly interest rate of 0.305% for a 15-year mortgage. Scott needs his monthly payment (with no down payment) to be less than $1,500/month to go ahead with the purchase. Can he afford this house?

Resource: Question

Question Type: Extended Constructed Response

Standard(s):HSA.SSE.B.4

Standard Description: Derive the formula for the sum of a finite geometric series (when the common ratio is not 1), and use the formula to solve problems. For example, calculate mortgage payments.

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