Jeff decided to purchase a house, his mortage is a 30-year loan at 4.1 % compounded monthly. The final purchase price was $150,0
1 answer:
Answer:
$711.23
Step-by-step explanation:
We assume the entire closing cost went to reducing the principal of the loan. Then the amount borrowed was $147,192.
<h3>Monthly payment</h3>The amortization formula tells you the monthly payment.
A = P(r/12)/(1 -(1 +r/12)^(-12t))
P is the principal, r is the annual rate, and t is the number of years.
The monthly payment is ...
A = $147,192(0.041/12)/(1 -(1 +0.041/12)^-360) ≈ $711.23
Jeff's monthly payment is $711.23.
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Answer:
Step-by-step explanation:
Hello, when you have an equation like y = ax+b you know that this is a line.
In this example, the function is defined in two different intervals.
For x < 1 this is the line y = 4 + x
and for x>=1 this is the line y = 4 - 2x
At the frontier, x= 1, we have 4+1=5 on one side and 4-2=2 on the other side, we we expect a "jump" in the graph.
Except that "jump"you just have to draw lines, so if you have two points you can draw them right.
For x<1, the line is passing by (-4,0) and (0,4)
And you have to stop for x<1 so the point (1,5) is not on the graph.
for x>=1 the points (1,2) and (2,0) are on the graph and we just have to draw the line.
I attached the graph.
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