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Assoli18 [71]
2 years ago
12

Can some one check this please!4 1/3 + 3 1/2= 7 5/6

Mathematics
1 answer:
babunello [35]2 years ago
7 0

yes it is correct

13/3+7/2=47/6

(26+21)/6=47/6

47/6=47/6

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Lenny and Lisa have obtained a 30-year, fixed rate mortgage for $675,250 with a 7.25% interest rate. They purchased 3 points and
Vikentia [17]

Answer:

119 months

Step-by-step explanation:

In this question, we are asked to calculate the amount of time it would take for a break-even point on a mortgage, if there is a factoring in the cost of points.

We proceed to answer the;

Mathematically,

The Break Even Point = Amount Paid for purchasing Discount Points divided by Monthly savings in the interest payments

We lost out the important values given in the question as follows:

Amount of Mortgage - $675,250

Tenure - 30 Years

The Rate of interest without points = 7.25%

The number of points = 3 points

The rate of interest with the 3 points = 6.875%

The amount to be paid for purchasing the discount point is now calculated below;

Since 1 discount point = 1% of mortgage value;

Therefore, 3 discount points = 3% of mortgage value

The amount paid is thus = 3% of $675,250 = $20,257.5

To calculate Monthly payment without points, we use the mathematical formula;

M = P[r(1+r)^n/((1+r)^n)-1)]

Where M

Is monthly payment, r is the interest rate, n is the number of months.

According to the question M = 675,250, r = 7.25% = 7.25/100 = 0.0725 , n= 30 * 12 months = 360 months

M = 675,250[0.0725(0.0725+1)^30/(1+0.0725)^360)-1) = $4606.40

To get the monthly payment with points, we simply use the formula again but this time interest rates will be 6.875% = 0.06875 I.e r = 0.06875

Inputting the terms in the formula will yield a value of $4435.91. This means monthly payment with discount will be $4435.91

Savings in monthly payments after purchasing the discount points = $4,606.40 - $4,435.91 = $170.48

Break Even = Purchase cost of Discount Points / Monthly savings

= $20,257.5 / $170.48

= 119 Months

Hence, the number of months it will take Lisa and Lenny to break-even point on their mortgage will be 119 months

6 0
3 years ago
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4 0
3 years ago
Help me ASAP for this question
Olenka [21]

Answer:

(5, 21)

Step-by-step explanation:

We check for a point where the y coordinate isn't four times the x coordinate.

7 0
3 years ago
Miss Krin has $300 deducted from her checking account every month for her car payment she also has $150 deducted every month for
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Did the question mention what her current checking account balance was ?

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You bought a large container of fruit punch. The label on the container says there are
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There are 8 fl ounces in 1 cup.
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