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neonofarm [45]
3 years ago
13

You want to purchase a house in 10 years. You estimate the cost will be $184,500.00. You want to make a 20% down payment and pay

closing costs, which are 8.5%. How much do you need to save each month to reach your goal?
Mathematics
1 answer:
Ilia_Sergeevich [38]3 years ago
5 0
Use the formula of the future value of annuity ordinary and solve for pmt
First deducted the amount of down payment
184,500−184,500×0.20=147,600

Pmt=147,600÷(((1+0.085
÷12)^(12×10)−1)÷(0.085÷12))
=784.53 per month
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Your answer is y = -(13/3)x + 11/3. I have put the brackets to show that the entire fraction is negative, they do not do anything else.
First we need to find the slope of the line using the equation (y2 - y1)/(x2 - x1), so we get (3/2 - 1/5)/(1/2 - 4/5). To make this easier, I did each subtraction separately:
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