Mr. and mrs. lorenzo want to buy a home valued at $213,500. if they have 18% of this amount saved for a down payment, how much h
1 answer:
Mr. and Mrs. Lorenzo have saved $38,430 for the home they want to buy
Information about the problem:
- Initial cost = $213,500
- Savings = 18%.
- Final savings =?
To solve this exercise we have to apply the percentage formula:
Final savings = initial cost * savings / 100
Final savings = $213,500 * 18 / 100
Final savings = $213,500 * 0.18
Final savings = $38,430
<h3>What is a percentage?</h3>Percentage is defined as the number that represents a ratio of a total that is divided by 100 equal parts. It is represented by the symbol %.
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This question can be approached using the present value of annuity formula. The present value of annuity is given by 
, where: PV is the present value/amount of the loan, P is the periodic (monthly in this case) payment, r is the APR, t is the number of payments in one year and n is the number of years.
Given that the<span> financing is for a new road bike of $2,500 and that the bike shop offers a 13.5% APR for a 24 month loan.
Thus, PV = $2,500; r = 13.5% = 0.135; t = 12 payments (since payment is made monthly); n = 2 years (i.e. 24 months)
Thus,
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<span>
Therefore, his monthly payment is $119.44</span>
Given that the<span> financing is for a new road bike of $2,500 and that the bike shop offers a 13.5% APR for a 24 month loan.
Thus, PV = $2,500; r = 13.5% = 0.135; t = 12 payments (since payment is made monthly); n = 2 years (i.e. 24 months)
Thus,
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<span>
Therefore, his monthly payment is $119.44</span>