Answer:
The Annual rate of interest for the mortgage is 1.8%
Step-by-step explanation:
Given as :
The mortgage principal = p = $167,000
The time period of mortgage = t = 20 years
The Amount paid towards mortgage in 20 years = A = $240,141
Let the Annual percentage rate on interest = r % compounded annually
Now, <u>From Compound Interest method</u>
Amount = Principal × 
Or, A = p × 
Or, $240,141 = $167,000 × 
or,
= 
Or , 1.437 = 
Or,
= 
or, 1.018 = 
Or,
= 1.018 - 1
Or,
= 0.018
∴ r = 0.018 × 100
i.e r = 1.8
So, The rate of interest applied = r = 1.8 %
Hence, The Annual rate of interest for the mortgage is 1.8% Answer
60 60 and 60. Hope I helped!
1510*0.02=$30.20 which is larger than $20.00. 2%= 0.02
Answer:
x = 3.3
Step-by-step explanation:
A equation is given to us and we need to solve out for x. The given equation is ,
Take log on both sides with base as " 10" . We have ,
Simplify using the property of log , , we have ,
Simplify ,
Again simplify using the property of log ,
We know that log 5 = 0.69 and log 2 = 0.301 , on substituting this , we have ,
Simplify the RHS ,
Add 2 both sides ,
Hence the Value of x is 3.30 .