Answer:
im guessing its supposed to be 150,000 so it would be $1,656.25 per month
Step-by-step explanation:
Answer:
monthly payment is about $1422 (rounded)
"taking this loan would be a smart decision because even after paying off the loan, he is still making a handsome profit (because his income per month is more than his loan payment)."
Step-by-step explanation:
The loan is an annuity so we use the formula for annuity to find the monthly payments he has to make.
![PV=C*\frac{1-(1+r)^{-n}}{r}](https://tex.z-dn.net/?f=PV%3DC%2A%5Cfrac%7B1-%281%2Br%29%5E%7B-n%7D%7D%7Br%7D)
Where
PV is present value of the loan (250,000)
C is the monthly payment (what we are trying to find)
n is the number of months (30 years * 12 = 360 months)
r is the rate of interest per month ( i = 5.5%/12 = 0.0046)
Putting these values, we solve for C:
![PV=C*\frac{1-(1+r)^{-n}}{r}\\250,000=C*\frac{1-(1+0.0046)^{-360}}{0.0046}\\250,000=C*\frac{1-1.0046^{-360}}{0.0046}\\250,000=C*175.7332\\C=1422](https://tex.z-dn.net/?f=PV%3DC%2A%5Cfrac%7B1-%281%2Br%29%5E%7B-n%7D%7D%7Br%7D%5C%5C250%2C000%3DC%2A%5Cfrac%7B1-%281%2B0.0046%29%5E%7B-360%7D%7D%7B0.0046%7D%5C%5C250%2C000%3DC%2A%5Cfrac%7B1-1.0046%5E%7B-360%7D%7D%7B0.0046%7D%5C%5C250%2C000%3DC%2A175.7332%5C%5CC%3D1422)
So monthly payment is about $1422 (rounded)
Since, each of the 8 apartments are going to be rented out at 500, total monthly income would be 8 * 500 = $4000
taking this loan would be a smart decision because even after paying off the loan, he is still making a handsome profit (because his income per month is more than his loan payment).
Log₃ (x+1) = 3
It could be written:
(x+1)= 3³==> x+1 = 27 ==> x =27-1 =26
X=<span>12</span>,<span>−<span><span>12
Let me know if i am right?
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