After making payments of $919.10 for 8 years on your 30-year loan at 8.1%, you decide to sell your home. What is the loan payoff
1 answer:
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Answer:
- <em>convert </em>the mixed fractions to improper fractions (where the numerator is greater than or equal to the denominator): multiply the whole number part by the fraction's denominator, add that to the numerator, write the result on top of the denominator.
- if the denominators are not the same, work out the common denominator and <em>rewrite </em>the fractions with the same denominators
- subtract by subtracting the numerators and writing the result over the denominator
- convert back to mixed fractions by dividing the numerator by the denominator, write down the whole number answer, write down the remainder above the denominator.
Example
convert to improper fractions:
common denominator = 3 × 5 = 15, so:
subtract:
convert back to mixed fractions: