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Burka [1]
2 years ago
10

PLEASE HELP ME!!!!!

Mathematics
1 answer:
solong [7]2 years ago
3 0

The full workings for the house purchase you made on a mortgage are as follows:

1. Price of House = $499,000 (given)

2. Down Payment = $99,800 ($499,000 x 20%)

3. Amount Financed (Mortgage principal) = $399,200 ($499,000 - $99,800).

4. Monthly Payment = $2,522.94 (given)

5. Number of monthly payments = 360 months (30 x 12)

6. Total Payback = $908,258.40 ($2,522.94 x 360)

7. Total Interest = $509,058.40 ($908,258.40 - $399,200)

8. Assessed Valuation = $199,600 ($499,000 x 40%)

9. Real Estate Taxes (annual) = $6,047.88 ($199,600 x $3.03/$100)

10. Escrow Payment Per month (taxes & insurance) = $628.99 ($6,047.88 + $1,500)/12

11. Monthly Payment to lender (escrow + mortgage) = $3,151.93 ($628.99 + $2,522.94)

<h3>What is a mortgage?</h3>

A mortgage is a loan arrangement that allows a borrower to buy some property, usually a house, without paying for the full cost immediately.

The borrower then makes a monthly payment, which includes the principal and its interest.

Learn more about mortgage payments at brainly.com/question/22846480

#SPJ1

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From your knowledge of the world, you know that ...

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  • multiplication can be used for repeated addition
  • utility fees are the sum of fixed fees and usage-related fees
  • for a phone plan, text message costs are a usage-related fee

The problem statement asks for the cost of a single text message. For the purpose of finding that value, it is convenient to represent it using the variable <em>t</em>. The problem statement says Eric was billed for 450 text messages, so we expect his usage-related fee to be 450t, the sum of the costs of 450 messages--using multiplication for the repeated sum.

The problem statement says Eric was billed 12.50 for fixed fees. So, we expect Eric's total bill to be ...

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The problem statement says Eric's total bill was 35.00, so we assume that is the sum of the above-listed fees. That is, the two ways to express Eric's total bill are equal.

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