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Art [367]
2 years ago
7

Lucy Garcia took out a loan for $40,000 at 10 percent interest for 10 years. Her monthly payments are $528. 60. She made payment

s for one year and has paid the principal down to $37,546. 36. She now wants to repay the loan early. The loan specifies a $300 prepayment penalty if she pays the loan now. How much will she save by paying the loan early (round final answer to nearest dollar)?
Mathematics
1 answer:
KonstantinChe [14]2 years ago
8 0

The amount saved due to early payment is $19,242

Data;

  • Monthly payment = 528.60
  • Number of payment = 10 years * 12 = 120
  • Total payment if not prepaid = 528.60 * 120 = $63,432

<h3>Total Payment for the whole term</h3>

The total payment for the whole term is the equal to the product of monthly payment and the number of payment as calculated above.

The total amount in cash in case of prepayment is

total amount in case of prepayment = monthly payment * number completed + balance + penalty

The number of payment completed = 12

Balance = $37,546.36

Penalty for prepayment = 300

The amount of prepayment is

528.60 * 12 + 37546.36 + 300 = 44,189.56

The amount saved due to early payment is

63432 - 44189.56 = 19,242

The amount saved due to early payment is $19,242

Learn more on payment plans here;

brainly.com/question/251701

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Roger bought two plots of land for $120000. He sold the first plot and profited 15%. He sold the second plot and lost 10%. His t
Oxana [17]
X + y = 120000
0.15x - 0.10y = 5500

Multiply both sides of bottom by 100 to remove decimals

x + y = 120000
15x - 10y = 550000

Multiply both sides of top by 10

10x + 10y = 1200000
15x - 10y = 550000

Add the two

25x = 1750000
x = 70000
He paid $70,000 for the property that made a profit, and paid $50,000 for the property that lost value.
6 0
3 years ago
Read 2 more answers
A group of four components is known to contain two defectives. An inspector tests the components one at a time until the two def
Stells [14]

Answer:

when Y = 2, P(2) = 1/6 = 0.167

when Y = 3, P(3) = 2/6 = 0.333

when Y = 4, P(4) = 3/6 = 0.5

Step-by-step explanation:

Total number of possible ways to choose 2 components for defectives out of 4 components = 4C2 = 6

Y can only take values of 2, 3 and 4

So, Probability of Y = P(Y) = 1C(Y-1) / 6

when Y = 2, P(2) = 1/6 = 0.167

when Y = 3, P(3) = 2/6 = 0.333

when Y = 4, P(4) = 3/6 = 0.5

4 0
3 years ago
A guy wire supports an antenna tower, as shown at the right. The bottom of the wire is secured in the ground 30 feet from the ba
babunello [35]

Answer:

The wire is approximately 42feet long

Step-by-step explanation:

We can mentally sketch out the shape that is formed between the guy wire and the antenna tower. This is simply a right-angled triangle with the opposite side being the height of the antenna (30 feet). The adjacent side is the distance on the ground between the point where the wire was fastened and the base of the antenna.

The hypotenuse side is the length of the wire we are looking for.

Parameters are given as:

Opposite : 30ft

Adjacent: 30ft

Hypotenuse: x feet

The hypotenuse = \sqrt{opp^2 + adj^2}

Hypotenuse =\sqrt{30^2+ 30^2} \approx 42ft

5 0
3 years ago
Answer by today!!! x^2 + (2y) ÷ (2w) + 3z w = 2, x = 5, y = 8, z = 3
inysia [295]

Answer:

4.1

Step-by-step explanation:

5^2 + (2*8) / (2*2) + 3*3

25 + 16 / 4 + 6

41 / 10

4.1

3 0
2 years ago
Read 2 more answers
WHAT IS 18 TONS 42 POUNDS DEVIDED BY 3
Alecsey [184]

A ton is 2,000 pounds so multiply 2,000 x 18

2,000 x 18 =  36,000 pounds, now add the 42 pounds to the 36,000

36,000 + 42 = 36,042 pounds. Now divide 36,042 by 3

36,042 ÷ 3 = 12,014

Your answer is 12,014 pounds

If you need your answer in tons it's 6.007 tons

Calculations for pounds to tons

12,014 ÷ 2,000 = 6.007

Hope this helps. :)


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3 years ago
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